Customs Broker due diligence requires prescribed KYC, not detecting misdeclarations discoverable only through physical examination, defeating licence ...
E-filing system failure permits exclusion of affected time in insolvency appeals, preventing tribunal technology defects from defeating timely filings...
Pre-existing disputes over outcome-based professional fees can bar Section 9 insolvency proceedings where contractual entitlement requires investigati...
Corresponding scheduled offences preserve money-laundering jurisdiction despite repeal of the central corruption provision where conduct remains cover...
Non-proving identity, creditworthiness, and genuineness of share premium received cannot be treated as unexplained income if sufficient documentary evidence is provided. Once a company proves existence and authenticity of shareholders, it discharges burden u/s 68. Share premium is a matter of business prerogative, and revenue cannot question its quantum without evidence of collusion or mala fide intent. If an assessee sufficiently establishes identity, creditworthiness, and genuineness of share capital transaction, addition u/s 68 as unexplained cash credit is unsustainable and should be deleted by the Assessing Officer.
Non-proving identity, creditworthiness, and genuineness of share premium received cannot be treated as unexplained income if sufficient documentary evidence is provided. Once a company proves existence and authenticity of shareholders, it discharges burden u/s 68. Share premium is a matter of business prerogative, and revenue cannot question its quantum without evidence of collusion or mala fide intent. If an assessee sufficiently establishes identity, creditworthiness, and genuineness of share capital transaction, addition u/s 68 as unexplained cash credit is unsustainable and should be deleted by the Assessing Officer.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4897 
