Assessee's Failure To Establish Genuineness Of Transaction With Cogent And Credible Evidence: Calcutta High Court

In a recent ruling under the Income Tax Act, the Chennai High Court upheld the decision made by the Commissioner of Income Tax (Appeals) [CIT(A)] regarding a case of suspected round-tripping of funds. The case involved intricate financial transactions and the scrutiny of various entities' creditworthiness in investment activities. Key Details of the Case: 1. The case pertains to transactions involving Salasar Garments Traders Private Limited, Mubarak Cosmetics Private Limited,…