https://www.taxtmi.com/caselaws?id=221047 HC upheld the ITAT's finding that the share application money received by the assessee was genuine. Relying on SC precedent, HC held that once the assessee furnishes names, addresses and PAN details of share applicants, the onus under section 68 stands discharged. Any further enquiry into the creditworthiness or genuineness of the shareholders must be undertaken in their individual assessments, not by taxing the amounts in the assessee's hands. The departmental contention that the share applicants were bogus, based on statements recorded during investigation, was rejected as insufficient to shift the settled burden. The appeals were dismissed, and the question was answered in favour of the assessee, while leaving liberty to the department to reopen shareholders' assessments. en-us Thu, 11 Aug 2011 00:00:00 +0530 Mon, 18 May 2026 13:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221047 HC upheld the ITAT's finding that the share application money received by the assessee was genuine. Relying on SC precedent, HC held that once the assessee furnishes names, addresses and PAN details of share applicants, the onus under section 68 stands discharged. Any further enquiry into the creditworthiness or genuineness of the shareholders must be undertaken in their individual assessments, not by taxing the amounts in the assessee's hands. The departmental contention that the share applicants were bogus, based on statements recorded during investigation, was rejected as insufficient to shift the settled burden. The appeals were dismissed, and the question was answered in favour of the assessee, while leaving liberty to the department to reopen shareholders' assessments. Case-Laws Income Tax Thu, 11 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221047