Mere statutory approvals doesn’t sanctify genuineness of transaction By Anand Gupta TaxGuru

Mere statutory approvals doesn’t sanctify genuineness of transaction  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.

from TaxGuru
via For More By Anand Gupta