https://www.taxtmi.com/caselaws?id=362442 Share capital and share premium additions under section 68 were found unsustainable where the assessee produced PAN details, return acknowledgments, audited accounts, share application forms, allotment letters, bank statements and confirmations for the shareholders. Payments were made through account payee cheques, the bank records showed no cash deposits before remittance, and material was placed to show the source of the subscribers' funds. The assessee therefore discharged the initial burden on identity, creditworthiness and genuineness; the onus shifted to the Revenue. Mere non-appearance of some directors or shareholders, without effective contrary enquiry from their assessing officers, was insufficient to justify the addition, and the deletion was upheld. en-us Thu, 14 Jun 2018 00:00:00 +0530 Tue, 26 Jun 2018 15:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362442 Share capital and share premium additions under section 68 were found unsustainable where the assessee produced PAN details, return acknowledgments, audited accounts, share application forms, allotment letters, bank statements and confirmations for the shareholders. Payments were made through account payee cheques, the bank records showed no cash deposits before remittance, and material was placed to show the source of the subscribers' funds. The assessee therefore discharged the initial burden on identity, creditworthiness and genuineness; the onus shifted to the Revenue. Mere non-appearance of some directors or shareholders, without effective contrary enquiry from their assessing officers, was insufficient to justify the addition, and the deletion was upheld. Case-Laws Income Tax Thu, 14 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362442