https://www.taxtmi.com/caselaws?id=755275 ITAT Kolkata dismissed the assessee's appeal regarding unexplained cash credit under section 68. The assessee received share application money and premium from a company that admitted providing accommodation entries. Despite procedural evidence like PAN cards and registration certificates, the AO rejected the claim as the newly incorporated share applicant company commanded Rs. 390 premium per share without justification. The assessee failed to provide asset details, business prospects, or produce the share applicant's directors for examination. Both authorities found the investment bogus and properly treated it as unexplained cash credit under section 68. en-us Fri, 19 Jan 2024 00:00:00 +0530 Wed, 10 Jul 2024 08:01:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755275 ITAT Kolkata dismissed the assessee's appeal regarding unexplained cash credit under section 68. The assessee received share application money and premium from a company that admitted providing accommodation entries. Despite procedural evidence like PAN cards and registration certificates, the AO rejected the claim as the newly incorporated share applicant company commanded Rs. 390 premium per share without justification. The assessee failed to provide asset details, business prospects, or produce the share applicant's directors for examination. Both authorities found the investment bogus and properly treated it as unexplained cash credit under section 68. Case-Laws Income Tax Fri, 19 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755275