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HC confirmed sec. 68 additions as assessee failed to prove identity of share applicants

July 25, 2019[2019] 108 382 (Bombay)/[2019] 265 Taxman 99 (Bombay)(MAG)

INCOME TAX : Where revenue authorities made addition to assessee's income under section 68 in respect of share application money received from various investors, since assessee failed to produce them despite various opportunity granted to it and, moreover there was no evidence on record establishing genuine investments on their part in shares of assessee-company, impugned addition was to be confirmed
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