https://www.taxtmi.com/highlights?id=87483 The ITAT upheld the addition under Section 68 of the Income Tax Act regarding unsecured loans and share capital. Despite the Assessee's claims of secured loans from banks and share applicant companies' replies, the Tribunal found insufficient evidence to substantiate the genuineness of transactions. The share applicant companies' stereotypical responses and failure to appear before the Assessing Officer, coupled with the Assessee's inability to discharge the burden of proof under Section 68, led to the confirmation of the original addition. The Tribunal dismissed the Assessee's appeal, finding no merit in the grounds presented. en-us Wed, 16 Apr 2025 08:38:45 +0530 Wed, 16 Apr 2025 08:38:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=87483 The ITAT upheld the addition under Section 68 of the Income Tax Act regarding unsecured loans and share capital. Despite the Assessee's claims of secured loans from banks and share applicant companies' replies, the Tribunal found insufficient evidence to substantiate the genuineness of transactions. The share applicant companies' stereotypical responses and failure to appear before the Assessing Officer, coupled with the Assessee's inability to discharge the burden of proof under Section 68, led to the confirmation of the original addition. The Tribunal dismissed the Assessee's appeal, finding no merit in the grounds presented. Highlights Income Tax Wed, 16 Apr 2025 08:38:45 +0530 https://www.taxtmi.com/highlights?id=87483