https://www.taxtmi.com/caselaws?id=68393 The appeal was resolved in favor of the assessee. The ITAT admitted the additional ground under Section 43B, recognizing it as a purely legal issue that did not require further factual investigation. The addition of unexplained share capital under Section 68 was deleted, as the assessee sufficiently established the identity and creditworthiness of the shareholders. The Third Member concurred with the Judicial Member, emphasizing that once shareholder identity is established, the burden shifts to the Revenue to disprove the genuineness of the investment. No distinction was made between Public and Private Limited Companies regarding the applicability of Section 68. en-us Mon, 27 Feb 2006 00:00:00 +0530 Fri, 22 Mar 2024 14:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68393 The appeal was resolved in favor of the assessee. The ITAT admitted the additional ground under Section 43B, recognizing it as a purely legal issue that did not require further factual investigation. The addition of unexplained share capital under Section 68 was deleted, as the assessee sufficiently established the identity and creditworthiness of the shareholders. The Third Member concurred with the Judicial Member, emphasizing that once shareholder identity is established, the burden shifts to the Revenue to disprove the genuineness of the investment. No distinction was made between Public and Private Limited Companies regarding the applicability of Section 68. Case-Laws Income Tax Mon, 27 Feb 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68393