https://www.taxtmi.com/caselaws?id=773279 ITAT Guwahati dismissed the assessee's appeal regarding unexplained share application money under section 68. The tribunal held that despite the assessee claiming to prove identity, creditworthiness, and genuineness of investors, the entire share application money was received in cash without proper documentation. The director's failure to appear for examination, non-compliance during statement recording, and ongoing irregularity proceedings against the company indicated the transactions were not genuine but make-believe arrangements. The tribunal confirmed CIT(A)'s order, applying preponderance of probability standard applicable in income tax proceedings. en-us Mon, 09 Jun 2025 00:00:00 +0530 Fri, 20 Jun 2025 08:34:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773279 ITAT Guwahati dismissed the assessee's appeal regarding unexplained share application money under section 68. The tribunal held that despite the assessee claiming to prove identity, creditworthiness, and genuineness of investors, the entire share application money was received in cash without proper documentation. The director's failure to appear for examination, non-compliance during statement recording, and ongoing irregularity proceedings against the company indicated the transactions were not genuine but make-believe arrangements. The tribunal confirmed CIT(A)'s order, applying preponderance of probability standard applicable in income tax proceedings. Case-Laws Income Tax Mon, 09 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773279