https://www.taxtmi.com/caselaws?id=352934 The Income Tax Appellate Tribunal upheld the Commissioner of Income Tax (Appeals) decision to delete the addition of Rs. 9 crores as unexplained share capital/share premium under section 68. The Tribunal emphasized that the Assessing Officer failed to provide the assessee with an opportunity to rebut the enquiry reports, and no direct evidence was found against the assessee during survey operations. The decision was supported by legal precedents emphasizing the burden of proving creditworthiness of investors lies with the Revenue once the assessee establishes prima facie evidence of identity and genuineness of transactions. en-us Thu, 30 Nov 2017 00:00:00 +0530 Sun, 24 Dec 2017 09:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352934 The Income Tax Appellate Tribunal upheld the Commissioner of Income Tax (Appeals) decision to delete the addition of Rs. 9 crores as unexplained share capital/share premium under section 68. The Tribunal emphasized that the Assessing Officer failed to provide the assessee with an opportunity to rebut the enquiry reports, and no direct evidence was found against the assessee during survey operations. The decision was supported by legal precedents emphasizing the burden of proving creditworthiness of investors lies with the Revenue once the assessee establishes prima facie evidence of identity and genuineness of transactions. Case-Laws Income Tax Thu, 30 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352934