https://www.taxtmi.com/caselaws?id=347908 The High Court ruled in favor of the assessee regarding the assessment of share capital contributions, stating that the burden shifted to the Department to disprove the genuineness of the transactions once the identity of investors and funds' receipt through banking channels were established. The Court found the Assessing Officer and Income Tax Appellate Tribunal's approach as based on suspicion without concrete evidence, contrary to legal principles. Consequently, the High Court allowed the appeal. However, in the case of disallowance of expenses on gifts and compliments, the High Court ruled in favor of the Revenue, upholding the disallowance due to the failure to produce supporting evidence. en-us Fri, 11 Aug 2017 00:00:00 +0530 Fri, 15 Dec 2017 16:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347908 The High Court ruled in favor of the assessee regarding the assessment of share capital contributions, stating that the burden shifted to the Department to disprove the genuineness of the transactions once the identity of investors and funds' receipt through banking channels were established. The Court found the Assessing Officer and Income Tax Appellate Tribunal's approach as based on suspicion without concrete evidence, contrary to legal principles. Consequently, the High Court allowed the appeal. However, in the case of disallowance of expenses on gifts and compliments, the High Court ruled in favor of the Revenue, upholding the disallowance due to the failure to produce supporting evidence. Case-Laws Income Tax Fri, 11 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347908