Mere statutory approvals doesn’t sanctify genuineness of transaction

Vishwatej Developers Private Limited Vs ACIT (Madras High Court)

Conclusion:  The onus to prove the identity, the creditworthiness and genuineness of the transaction was solely on assessee under section 68 and merely because statutory approvals had been obtained by assessee, viz., FIPB and RBI did not sanctify the transaction especially when according to AO they were all unexplained investment.

Held: Assessee contended that AO had invoked Section 68 and e

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