AdvertisementPCIT Vs Skylark Build (Bombay High Court) The Bombay High Court considered an appeal filed by the Revenue challenging concurrent findings of fact relating to additions made under Section 68 of the Income Tax Act, 1961. The Revenue contended that the essential requirements of Section 68—establishing the identity of the cash creditor, the creditor’s creditworthiness, and the genuineness of the transaction—had not been properly examined by the Tribunal. It argued that the Tribunal had relied upon the subsequent repayment of the borrowed amounts without examining whether these statutory ...