https://www.taxtmi.com/caselaws?id=180395 Documentary evidence including purchase bills, contract notes, demat entries, balance-sheet disclosures and bank receipts can establish the genuineness of share-sale transactions, and an addition under section 68 is not sustainable where adverse third-party material is not confronted to the assessee and no opportunity of rebuttal is given. Depreciation on plant and machinery is allowable when the assets are shown to have been put to use during the year, supported by acquisition records, prior capitalization disclosures and business activity. Interest on borrowed funds is not disallowable where the balance sheet shows substantial own funds and no direct nexus is proved between borrowings and investments. en-us Wed, 13 Apr 2011 00:00:00 +0530 Mon, 21 Aug 2023 16:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180395 Documentary evidence including purchase bills, contract notes, demat entries, balance-sheet disclosures and bank receipts can establish the genuineness of share-sale transactions, and an addition under section 68 is not sustainable where adverse third-party material is not confronted to the assessee and no opportunity of rebuttal is given. Depreciation on plant and machinery is allowable when the assets are shown to have been put to use during the year, supported by acquisition records, prior capitalization disclosures and business activity. Interest on borrowed funds is not disallowable where the balance sheet shows substantial own funds and no direct nexus is proved between borrowings and investments. Case-Laws Income Tax Wed, 13 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180395