https://www.taxtmi.com/caselaws?id=203323 HC held that the assessing officer must form an objective, well-reasoned opinion based on material on record and that the assessee bears the burden to give a proper, reasonable explanation for sums credited. Additions treating share application money as undisclosed income were deleted where bank records, cheques and shareholder details supported genuineness and the AO failed to investigate contributors; remedy against investors lies in reopening their cases. Conversely, additions for unexplained investments were sustained where the assessee merely furnished names without proof. Penalty under section 271(1)(c) was not attracted. en-us Mon, 31 Jan 2011 00:00:00 +0530 Sat, 04 Jul 2026 13:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203323 HC held that the assessing officer must form an objective, well-reasoned opinion based on material on record and that the assessee bears the burden to give a proper, reasonable explanation for sums credited. Additions treating share application money as undisclosed income were deleted where bank records, cheques and shareholder details supported genuineness and the AO failed to investigate contributors; remedy against investors lies in reopening their cases. Conversely, additions for unexplained investments were sustained where the assessee merely furnished names without proof. Penalty under section 271(1)(c) was not attracted. Case-Laws Income Tax Mon, 31 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203323