https://www.taxtmi.com/caselaws?id=11695 HC held that share subscriptions not paid in cash but by cheque required inquiry into subscribers' identity and creditworthiness. For 12 subscribers not found at given addresses, identity was not established and the assessing authority may treat those amounts accordingly. For 14 subscribers who provided income-tax file numbers, the AO must verify existence of those files and investigate genuineness and creditworthiness before making additions. Matter remitted to the Tribunal, which must direct the AO to inquire and file findings within three months and decide the reference within six months; Tribunal's order set aside to that extent. en-us Tue, 11 Mar 2003 00:00:00 +0530 Mon, 29 Sep 2025 13:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11695 HC held that share subscriptions not paid in cash but by cheque required inquiry into subscribers' identity and creditworthiness. For 12 subscribers not found at given addresses, identity was not established and the assessing authority may treat those amounts accordingly. For 14 subscribers who provided income-tax file numbers, the AO must verify existence of those files and investigate genuineness and creditworthiness before making additions. Matter remitted to the Tribunal, which must direct the AO to inquire and file findings within three months and decide the reference within six months; Tribunal's order set aside to that extent. Case-Laws Income Tax Tue, 11 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11695