Addition u/s. 68 sustained as assessee failed to establish genuineness of transaction: Rajasthan HC

Sumit Global Pvt. Ltd. Vs ITO (Rajasthan High Court) Rajasthan High Court held that addition u/s. 68 of the Income Tax Act towards unexplained cash credit sustained as assessee failed to discharge initial onus of proving identity, creditworthiness and genuineness of transaction. Facts- The original return was filed by the appellant-company on 30/09/2014. Subsequently, the case was taken up in a scrutiny u/s. 143 (3) of the Income Tax Act, 1961 and on 27/12/2016 the Assessment Officer passed an order of addition of Rs.4,13,41,500/- u/s. 68 of the Act, 1961 assigning the reason that share applic...