https://www.taxtmi.com/caselaws?id=358070 Share capital and share premium credits were held unexplained under section 68 because the assessee's bank statements did not match records obtained directly from the banks, showing cash deposits in subscriber accounts before cheques were issued. The assessee failed to prove identity, creditworthiness and genuineness of the share applicants with reliable evidence, and discrepancies in the surrounding records supported the finding that the receipts were not genuine. On the same facts, penalty under section 271(1)(c) was also upheld because the assessee had furnished forged and unreliable particulars, so the explanation was not bona fide and amounted to inaccurate particulars. en-us Wed, 28 Mar 2018 00:00:00 +0530 Thu, 05 Apr 2018 08:24:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358070 Share capital and share premium credits were held unexplained under section 68 because the assessee's bank statements did not match records obtained directly from the banks, showing cash deposits in subscriber accounts before cheques were issued. The assessee failed to prove identity, creditworthiness and genuineness of the share applicants with reliable evidence, and discrepancies in the surrounding records supported the finding that the receipts were not genuine. On the same facts, penalty under section 271(1)(c) was also upheld because the assessee had furnished forged and unreliable particulars, so the explanation was not bona fide and amounted to inaccurate particulars. Case-Laws Income Tax Wed, 28 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358070