Sec. 68 additions justified as assessee failed to prove identities amp; creditworthiness of investors: HC

INCOME TAX : Where assessee company allotted shares and received share capital of certain amount, since assessee did not furnish any details with regard to names of allotees, their addresses, PAN numbers, cheque numbers, name of bank etc. so as to proove their identities, creditworthiness and genuineness of transactions, Assessing Officer was justified in making addition under section 68 on account of said share capital amount received by assessee

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