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of <h1>Calcutta High Court Upholds Revenue Authority's Decision on Share Capital Transactions u/s 68 of Income Tax Act.</h1> The Calcutta High Court addressed the issue of creditworthiness and genuineness of share capital transactions under Section 68 of the Income Tax Act, 1961. The case involved a company receiving significant share application money from various investor entities, which the revenue authorities suspected of being 'round-tripped' funds. The court emphasized the assessee's obligation to prove transaction genuineness and investor creditworthiness. It found a pattern of circular transactions and close relationships among the companies, suggesting a scheme to introduce unaccounted money. Applying the 'source of source' doctrine, the court ruled in favor of the revenue authorities, upholding the CIT(A)'s order.
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