https://www.taxtmi.com/caselaws?id=245447 The High Court affirmed the Tribunal's decision to delete the addition of Rs.52,03,500 as unexplained cash credit in the Assessment Year 1991-92. The Court upheld that the company had provided detailed information about shareholders and their share allocations, shifting the burden of proof to shareholders to explain the source of funds. Compliance with Stock Exchange guidelines in issuing shares was crucial, and the Court emphasized the significance of disclosing shareholder details and complying with regulatory requirements. The appeal was dismissed, supporting transparency in the share issuance process and placing the onus on shareholders to prove the legitimacy of their funds. en-us Mon, 02 Dec 2013 00:00:00 +0530 Sat, 29 Mar 2014 10:37:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245447 The High Court affirmed the Tribunal's decision to delete the addition of Rs.52,03,500 as unexplained cash credit in the Assessment Year 1991-92. The Court upheld that the company had provided detailed information about shareholders and their share allocations, shifting the burden of proof to shareholders to explain the source of funds. Compliance with Stock Exchange guidelines in issuing shares was crucial, and the Court emphasized the significance of disclosing shareholder details and complying with regulatory requirements. The appeal was dismissed, supporting transparency in the share issuance process and placing the onus on shareholders to prove the legitimacy of their funds. Case-Laws Income Tax Mon, 02 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245447