Held that the assessee failed to comply with requirement of forming satisfaction as to creditworthiness of share applicant or genuineness of transaction, Assessing Officer was justified in making additions under section 68 and concluding that assessee routed its own money in books of account through conduit of investor companies. (AY. 2013-14)
Anandtex International (P.) Ltd. v. ACIT (2022) 194 ITD 320 (Delhi)(Trib.)
S. 68 : Cash credits-Share application-Entries were circulating in nature-Failed to establish creditworthiness or genuineness of transaction-Addition is held to be justified.