https://www.taxtmi.com/caselaws?id=9890 The High Court of Rajasthan dismissed the appeal against the Income-tax Appellate Tribunal's order for the assessment year 1997-98, which had added Rs. 5,80,000 as unexplained share capital/share application money. The Tribunal found the investments genuine based on documentation and investor confirmation, shifting the burden to the Revenue to disprove legitimacy. Emphasizing the burden of proof under section 68 of the Income-tax Act, the court upheld the Tribunal's decision, noting the importance of establishing investor existence and creditworthiness. As all investors were genuine income-tax assessees with submitted returns, the additions were deemed unjustified, leading to the appeal's dismissal. en-us Wed, 13 Apr 2005 00:00:00 +0530 Thu, 02 Jul 2009 17:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9890 The High Court of Rajasthan dismissed the appeal against the Income-tax Appellate Tribunal's order for the assessment year 1997-98, which had added Rs. 5,80,000 as unexplained share capital/share application money. The Tribunal found the investments genuine based on documentation and investor confirmation, shifting the burden to the Revenue to disprove legitimacy. Emphasizing the burden of proof under section 68 of the Income-tax Act, the court upheld the Tribunal's decision, noting the importance of establishing investor existence and creditworthiness. As all investors were genuine income-tax assessees with submitted returns, the additions were deemed unjustified, leading to the appeal's dismissal. Case-Laws Income Tax Wed, 13 Apr 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9890