https://www.taxtmi.com/caselaws?id=758708 The ITAT Kolkata dismissed the appellant's challenge regarding unexplained cash credit under Section 68, holding that filing income tax details, share application forms, allotment letters, and bank details was insufficient to discharge the onus of proving genuine transactions. The appellant failed to escape Section 68's rigorous requirements. However, the tribunal granted relief on the Section 14A addition read with Rule 8D, directing its deletion since the appellant earned no exempt income during the year, following established precedents from various HCs. en-us Wed, 21 Aug 2024 00:00:00 +0530 Tue, 17 Sep 2024 16:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758708 The ITAT Kolkata dismissed the appellant's challenge regarding unexplained cash credit under Section 68, holding that filing income tax details, share application forms, allotment letters, and bank details was insufficient to discharge the onus of proving genuine transactions. The appellant failed to escape Section 68's rigorous requirements. However, the tribunal granted relief on the Section 14A addition read with Rule 8D, directing its deletion since the appellant earned no exempt income during the year, following established precedents from various HCs. Case-Laws Income Tax Wed, 21 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758708