https://www.taxtmi.com/caselaws?id=250955 The HC held that under section 68, the assessee bears the onus to prove the identity, creditworthiness, and genuineness of share subscription transactions. Mere banking channel receipts and documentation are insufficient if the share subscribers lack genuine business activity or profit motive. The tribunal erred in upholding deletion of the addition, as the assessee failed to produce directors or principal officers of the shareholder companies, and the AO raised genuine doubts about the transactions. The matter was remitted to the tribunal for fresh adjudication, with the decision favoring the Revenue. en-us Mon, 25 Aug 2014 00:00:00 +0530 Mon, 28 Jul 2025 14:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250955 The HC held that under section 68, the assessee bears the onus to prove the identity, creditworthiness, and genuineness of share subscription transactions. Mere banking channel receipts and documentation are insufficient if the share subscribers lack genuine business activity or profit motive. The tribunal erred in upholding deletion of the addition, as the assessee failed to produce directors or principal officers of the shareholder companies, and the AO raised genuine doubts about the transactions. The matter was remitted to the tribunal for fresh adjudication, with the decision favoring the Revenue. Case-Laws Income Tax Mon, 25 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250955