https://www.taxtmi.com/caselaws?id=370600 Where an assessee in a share capital case produces PAN details, income-tax returns, audited financial statements, bank statements, allotment records and proof of payment through account payee cheques, the initial burden under section 68 is treated as discharged. Identity, genuineness and creditworthiness can be established through corporate and tax records, and the Revenue must then make proper enquiry and rebut the evidence. Suspicion, or the mere non-production of investor directors, is not enough to sustain an addition where the documentary material supports the explanation of the credits. en-us Fri, 16 Nov 2018 00:00:00 +0530 Sat, 17 Nov 2018 14:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370600 Where an assessee in a share capital case produces PAN details, income-tax returns, audited financial statements, bank statements, allotment records and proof of payment through account payee cheques, the initial burden under section 68 is treated as discharged. Identity, genuineness and creditworthiness can be established through corporate and tax records, and the Revenue must then make proper enquiry and rebut the evidence. Suspicion, or the mere non-production of investor directors, is not enough to sustain an addition where the documentary material supports the explanation of the credits. Case-Laws Income Tax Fri, 16 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370600