https://www.taxtmi.com/caselaws?id=751808 Unexplained cash credit under section 68 was assessed on whether investor companies had the creditworthiness and whether the share subscriptions were genuine. The tax authority and appellate officer applied a preponderance of probabilities, finding investors were group-related, funds were routed through one principal company and passed through investing entities to the assessee on the same days, and banking proofs and incorporation certificates were insufficient to establish independent capacity. Consequently the transactions were held not genuine due to roundtripping of funds and the revenue's additions were sustained on the facts and surrounding circumstances. en-us Tue, 23 Apr 2024 00:00:00 +0530 Tue, 03 Feb 2026 17:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751808 Unexplained cash credit under section 68 was assessed on whether investor companies had the creditworthiness and whether the share subscriptions were genuine. The tax authority and appellate officer applied a preponderance of probabilities, finding investors were group-related, funds were routed through one principal company and passed through investing entities to the assessee on the same days, and banking proofs and incorporation certificates were insufficient to establish independent capacity. Consequently the transactions were held not genuine due to roundtripping of funds and the revenue's additions were sustained on the facts and surrounding circumstances. Case-Laws Income Tax Tue, 23 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751808