https://www.taxtmi.com/caselaws?id=444103 The Tribunal dismissed the assessee's appeal, upholding the addition of Rs. 36,00,000 under section 68 of the Income Tax Act, 1961, and the charging of interest under sections 234B and 234C. The decision emphasized the requirement for closely held companies to substantiate the creditworthiness and genuineness of transactions related to share application money/premium, highlighting the burden on the assessee to provide a satisfactory explanation for credit entries. en-us Wed, 13 Sep 2023 00:00:00 +0530 Tue, 10 Oct 2023 08:28:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444103 The Tribunal dismissed the assessee's appeal, upholding the addition of Rs. 36,00,000 under section 68 of the Income Tax Act, 1961, and the charging of interest under sections 234B and 234C. The decision emphasized the requirement for closely held companies to substantiate the creditworthiness and genuineness of transactions related to share application money/premium, highlighting the burden on the assessee to provide a satisfactory explanation for credit entries. Case-Laws Income Tax Wed, 13 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444103