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Unexplained cash credits u/s 68 were added due to assessee's failure to discharge onus regarding bogus share capital including premium receipts. Despite filing confirmations and income tax details, the assessee could not justify abnormally high share premiums given its minimal commercial activity and poor financial health evident from profit and loss account. Four out of eleven share applicants were untraceable, one did not respond, and documents filed by remaining applicants were insufficient to prove genuineness of transactions. Considering case laws, assessee's financial condition, and inadequate onus discharge, Section 68 addition was confirmed, and assessee's appeal was dismissed.
Unexplained cash credits u/s 68 were added due to assessee's failure to discharge onus regarding bogus share capital including premium receipts. Despite filing confirmations and income tax details, the assessee could not justify abnormally high share premiums given its minimal commercial activity and poor financial health evident from profit and loss account. Four out of eleven share applicants were untraceable, one did not respond, and documents filed by remaining applicants were insufficient to prove genuineness of transactions. Considering case laws, assessee's financial condition, and inadequate onus discharge, Section 68 addition was confirmed, and assessee's appeal was dismissed.
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