https://www.taxtmi.com/caselaws?id=220345 The High Court held that amounts received by the assessee-company from shareholders before commencing business operations are taxable under Section 68 of the Income Tax Act, 1961, regardless of the identities of the shareholders. The Court emphasized that unexplained sums are taxable unless adequately justified, irrespective of the timing of receipt. The burden of proving transaction legitimacy lies with the assessee. The Court overturned the decisions of the lower authorities and remitted the matter for a fresh review, ruling in favor of the revenue and against the assessee on substantial questions of law. en-us Wed, 03 Oct 2012 00:00:00 +0530 Mon, 21 Jan 2013 07:43:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220345 The High Court held that amounts received by the assessee-company from shareholders before commencing business operations are taxable under Section 68 of the Income Tax Act, 1961, regardless of the identities of the shareholders. The Court emphasized that unexplained sums are taxable unless adequately justified, irrespective of the timing of receipt. The burden of proving transaction legitimacy lies with the assessee. The Court overturned the decisions of the lower authorities and remitted the matter for a fresh review, ruling in favor of the revenue and against the assessee on substantial questions of law. Case-Laws Income Tax Wed, 03 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220345