https://www.taxtmi.com/caselaws?id=240889 In private company share subscription cases, Section 68 requires the assessee to establish identity, creditworthiness and genuineness on the totality of surrounding circumstances. Mere filing of PAN, confirmations, bank statements and share application papers is not conclusive where the surrounding facts indicate large share premium, matching credits in subscribers' accounts, non-production of investment schedules, or possible accommodation entries. The note states that a pragmatic appraisal of all material is necessary, and that formal documentary compliance alone does not discharge the burden; further enquiry, including possible summoning of shareholders, may be relevant. en-us Tue, 10 Dec 2013 00:00:00 +0530 Fri, 13 Dec 2013 07:14:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240889 In private company share subscription cases, Section 68 requires the assessee to establish identity, creditworthiness and genuineness on the totality of surrounding circumstances. Mere filing of PAN, confirmations, bank statements and share application papers is not conclusive where the surrounding facts indicate large share premium, matching credits in subscribers' accounts, non-production of investment schedules, or possible accommodation entries. The note states that a pragmatic appraisal of all material is necessary, and that formal documentary compliance alone does not discharge the burden; further enquiry, including possible summoning of shareholders, may be relevant. Case-Laws Income Tax Tue, 10 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240889