https://www.taxtmi.com/caselaws?id=447657 ITAT Raipur partially allowed the appeal regarding additions under section 68 for bogus share capital. The tribunal held that share capital received from TEVPL was explained as the investor company had already paid taxes under VSVS, making it tax-paid funds outside section 68 scope. However, regarding Rs. 23 lacs received from Moon Shine Mercantile Pvt. Ltd., the tribunal confirmed the addition as the assessee failed to prove genuineness of source, with the share subscriber and its source company showing negative income and inadequate financial documentation. en-us Wed, 29 Nov 2023 00:00:00 +0530 Tue, 02 Jan 2024 09:11:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447657 ITAT Raipur partially allowed the appeal regarding additions under section 68 for bogus share capital. The tribunal held that share capital received from TEVPL was explained as the investor company had already paid taxes under VSVS, making it tax-paid funds outside section 68 scope. However, regarding Rs. 23 lacs received from Moon Shine Mercantile Pvt. Ltd., the tribunal confirmed the addition as the assessee failed to prove genuineness of source, with the share subscriber and its source company showing negative income and inadequate financial documentation. Case-Laws Income Tax Wed, 29 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447657