https://www.taxtmi.com/caselaws?id=240889 Section 68 requires private companies receiving share capital and premium to establish investor identity, creditworthiness and transaction genuineness through a holistic assessment of surrounding circumstances. PAN details, confirmations, bank statements and share application papers alone may not discharge the onus where material indicates unusually high premium, matching subscriber credits, unavailable investment schedules or possible accommodation entries. Further enquiry, including consideration of requests to summon shareholders, may be necessary. The Tribunal's order deleting the addition was set aside and the matter remanded for fresh adjudication under the applicable legal standards. 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 Section 68 requires private companies receiving share capital and premium to establish investor identity, creditworthiness and transaction genuineness through a holistic assessment of surrounding circumstances. PAN details, confirmations, bank statements and share application papers alone may not discharge the onus where material indicates unusually high premium, matching subscriber credits, unavailable investment schedules or possible accommodation entries. Further enquiry, including consideration of requests to summon shareholders, may be necessary. The Tribunal's order deleting the addition was set aside and the matter remanded for fresh adjudication under the applicable legal standards. Case-Laws Income Tax Tue, 10 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240889