https://www.taxtmi.com/article/detailed?id=7366 Tribunal and High Court applied the pre-amendment unexplained credits standard, holding that where the assessee establishes the identity, genuineness and capacity of subscribing shareholders through requisite forms, bank records and registry filings, receipts of share capital and premium are capital receipts and not taxable as unexplained income; allegations that shareholders are bogus must be pursued by reopening and assessing those shareholders individually rather than adding the amount to the company's income. en-us Tue, 11 Apr 2017 07:07:12 +0530 Tue, 11 Apr 2017 07:07:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7366 Tribunal and High Court applied the pre-amendment unexplained credits standard, holding that where the assessee establishes the identity, genuineness and capacity of subscribing shareholders through requisite forms, bank records and registry filings, receipts of share capital and premium are capital receipts and not taxable as unexplained income; allegations that shareholders are bogus must be pursued by reopening and assessing those shareholders individually rather than adding the amount to the company's income. Articles Income Tax Tue, 11 Apr 2017 07:07:12 +0530 https://www.taxtmi.com/article/detailed?id=7366