https://www.taxtmi.com/caselaws?id=759986 ITAT Delhi dismissed the appeal where the assessee failed to prove identity, creditworthiness and genuineness of share transactions under Section 68. The tribunal held that unexplained credits in books of account constituted taxable income as the assessee could not establish the three essential requirements of Section 68. Following SC precedent in N.R. Iron and Steel case, the burden of proof remained on the assessee who failed to provide satisfactory evidence regarding the financial strength of shareholders and authenticity of transactions, resulting in treatment of credits as bogus share transactions. en-us Fri, 27 Sep 2024 00:00:00 +0530 Fri, 11 Oct 2024 14:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759986 ITAT Delhi dismissed the appeal where the assessee failed to prove identity, creditworthiness and genuineness of share transactions under Section 68. The tribunal held that unexplained credits in books of account constituted taxable income as the assessee could not establish the three essential requirements of Section 68. Following SC precedent in N.R. Iron and Steel case, the burden of proof remained on the assessee who failed to provide satisfactory evidence regarding the financial strength of shareholders and authenticity of transactions, resulting in treatment of credits as bogus share transactions. Case-Laws Income Tax Fri, 27 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759986