https://www.taxtmi.com/caselaws?id=221093 In a share application money case, section 68 addition was held unsustainable where the investor's identity, PAN and banking particulars were on record and payment was made through account payee cheque, because the department produced no independent material showing that the assessee's undisclosed funds were routed through the applicant. The burden could not remain on the assessee once the apparent transaction was supported by records. On the capital gains issue, surplus from sale of shares was treated as short-term capital gain because the assessee was an investment company, the shares were reflected as investments, and no share-trading business or contrary factual material was established. en-us Thu, 12 Jan 2012 00:00:00 +0530 Fri, 22 Feb 2013 08:13:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221093 In a share application money case, section 68 addition was held unsustainable where the investor's identity, PAN and banking particulars were on record and payment was made through account payee cheque, because the department produced no independent material showing that the assessee's undisclosed funds were routed through the applicant. The burden could not remain on the assessee once the apparent transaction was supported by records. On the capital gains issue, surplus from sale of shares was treated as short-term capital gain because the assessee was an investment company, the shares were reflected as investments, and no share-trading business or contrary factual material was established. Case-Laws Income Tax Thu, 12 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221093