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When two Revenue authorities and the Tribunal concurrently came to the conclusion that the assessee failed to discharge the initial burden envisaged under Section 68 of the Act and that therefore, it is a fit case where the additions should be confirmed.

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Sec. 68 of Income Tax Act, 1961—Cash Credit—Addition made under section 68 was correct as during the original assessment as well as the remand proceedings, the assessee was given ample opportunities to produce the share investors which the assessee failed to do — ROYAL RICH DEVELOPERS PVT. LTD. Vs. PR. CIT [2020] 313 CTR 478 (BOM)

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