https://www.taxtmi.com/caselaws?id=754212 The ITAT Ahmedabad upheld the validity of reassessment proceedings under section 147, finding the Assessing Officer had sufficient material to form prima facie belief that the assessee introduced unaccounted income as bogus share capital. The tribunal confirmed additions under section 68, ruling the assessee failed to establish creditworthiness of share applicants or genuineness of transactions. The assessee was found to have routed its own money through conduit companies using colourable means to introduce unaccounted funds as share capital. The appeal was decided against the assessee. en-us Fri, 14 Jun 2024 00:00:00 +0530 Wed, 19 Jun 2024 08:33:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754212 The ITAT Ahmedabad upheld the validity of reassessment proceedings under section 147, finding the Assessing Officer had sufficient material to form prima facie belief that the assessee introduced unaccounted income as bogus share capital. The tribunal confirmed additions under section 68, ruling the assessee failed to establish creditworthiness of share applicants or genuineness of transactions. The assessee was found to have routed its own money through conduit companies using colourable means to introduce unaccounted funds as share capital. The appeal was decided against the assessee. Case-Laws Income Tax Fri, 14 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754212