https://www.taxtmi.com/caselaws?id=461152 The Tribunal dismissed the appeal, determining that the notice issued under Section 143(2) of the Income Tax Act, 1961, was valid as it complied with statutory requirements by being served directly to the company. Additionally, the Tribunal upheld the addition of Rs. 1,50,00,000/- under Section 68, concluding that the assessee failed to prove the identity, genuineness, and creditworthiness of the shareholders involved in the share capital transaction. The Tribunal emphasized the significant burden on the assessee in private placements to provide verifiable evidence beyond mere documentation. en-us Thu, 31 Dec 2009 00:00:00 +0530 Tue, 18 Mar 2025 15:01:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461152 The Tribunal dismissed the appeal, determining that the notice issued under Section 143(2) of the Income Tax Act, 1961, was valid as it complied with statutory requirements by being served directly to the company. Additionally, the Tribunal upheld the addition of Rs. 1,50,00,000/- under Section 68, concluding that the assessee failed to prove the identity, genuineness, and creditworthiness of the shareholders involved in the share capital transaction. The Tribunal emphasized the significant burden on the assessee in private placements to provide verifiable evidence beyond mere documentation. Case-Laws Income Tax Thu, 31 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461152