https://www.taxtmi.com/caselaws?id=759020 The ITAT Kolkata dismissed the assessee's appeal regarding unexplained cash credit under Section 68. The closely held company with minimal commercial activity received abnormally high share premiums from 11 entities. Four share applicants were untraceable, one failed to respond to summons, and remaining applicants' documents were insufficient to prove transaction genuineness. The tribunal found the company's poor financial health contradicted prudent investment logic, confirming that the assessee failed to discharge the burden of proving legitimate share capital transactions, thereby upholding the addition. en-us Fri, 26 Jul 2024 00:00:00 +0530 Tue, 20 May 2025 13:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759020 The ITAT Kolkata dismissed the assessee's appeal regarding unexplained cash credit under Section 68. The closely held company with minimal commercial activity received abnormally high share premiums from 11 entities. Four share applicants were untraceable, one failed to respond to summons, and remaining applicants' documents were insufficient to prove transaction genuineness. The tribunal found the company's poor financial health contradicted prudent investment logic, confirming that the assessee failed to discharge the burden of proving legitimate share capital transactions, thereby upholding the addition. Case-Laws Income Tax Fri, 26 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759020