Unless genuineness of transaction is established by assessee, addition u/s 68 can’t be revoked

Brief summary The assessee is a private company incorporated on 11.03.2003. Assessment was done u/s 143(1) of the Income Tax Act, 1961. Later revenue re-opened the assessment u/s 147 and 148 of the Act. In reassessment proceedings A.O. was not convinced by the explanation furnished by the assessee with regard to share capital received from six applicants and a sum of Rs.24 lacs was added u/s 68 of the Act. Appeal filed with CIT was rejected on the ground of assessee inability to explain the identity, genuineness and creditworthiness of the persons who have allegedly made the investment. Furthe...