https://www.taxtmi.com/caselaws?id=754803 ITAT Raipur upheld addition under Section 68 for share application money received from six persons totaling Rs. 45 lakhs. The assessee company failed to establish identity, creditworthiness, and genuineness of transactions as required. For five investors, the Tribunal confirmed the addition as unexplained cash credit due to meager disclosed income, lack of documentary evidence, and unsubstantiated sources. One case involving an investor was remanded to AO for fresh verification after the person admitted investment and provided explanation for source, though lacking clinching documentary evidence. en-us Thu, 25 Jan 2024 00:00:00 +0530 Mon, 01 Jul 2024 08:31:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754803 ITAT Raipur upheld addition under Section 68 for share application money received from six persons totaling Rs. 45 lakhs. The assessee company failed to establish identity, creditworthiness, and genuineness of transactions as required. For five investors, the Tribunal confirmed the addition as unexplained cash credit due to meager disclosed income, lack of documentary evidence, and unsubstantiated sources. One case involving an investor was remanded to AO for fresh verification after the person admitted investment and provided explanation for source, though lacking clinching documentary evidence. Case-Laws Income Tax Thu, 25 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754803