Addition u/s 68 was justified as assessee’s failed to establish genuineness of transaction with cogent and credible evidence

Advertisement PCIT (Central) -2 Vs BST Infratech Limited (Calcutta High Court) Conclusion: Assessee had miserably failed to establish genuineness of the transaction by cogent and credible evidence and that the investments made in its share capital were genuine. Therefore, assessee had failed to discharge legal obligation to prove the genuineness of the transaction and the credit worthiness of the investor which had shown to be so by a “round tripping” of funds. Therefore, addition under section 68 was justified. Held: AO stated that there was rampant practice of introducing undisclosed ...