Addition U/s. 68 justified for failure to establish genuineness of cash contributions and capacity of creditors

B.R. Petrochem (P) Ltd. Vs. ITO (Madras High Court) In the present case, the finding of fact is to the effect that neither the credit worthiness nor the genuineness of the parties has been established by the assessee. The detailed investigations carried out by the assessing officer establish the position that the contributors to share capital were persons of insignificant means and their credit worthiness to have made the contributions has not been established. The assessing authority had put the result of his inquiries to the assessee granting him opportunity to offer its explanations. The ap...