Failure to Prove Genuineness of Share Purchase Transaction Claim and Creditworthiness of Invested Company: ITAT dismisses Appeal [Read Order]

The assessee having not proved the genuineness of the claim, the creditworthiness of the companies
Genuineness - Share Purchase Transaction Claim - Creditworthiness of Invested Company - ITAT dismisses Appeal - TAXSCAN

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) dismissed the appeal due to the failure to prove the genuineness of the share purchase transaction claim and the creditworthiness of the invested company. Shanno Mohammed Yusuf Warsi, an individual, filed its return of income for the year under consideration on 30/07/2013 declaring…

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