https://www.taxtmi.com/caselaws?id=371794 In share capital cases, an addition under section 68 is not justified where the assessee produces documentary evidence establishing the share applicants' identity, genuineness of the transaction, and creditworthiness, including confirmations, bank statements, income-tax returns, audited financials, and share application records. Once these primary facts are on record, the initial burden stands discharged and the onus shifts to the Revenue. Any residual doubt must be addressed through further verification, including inquiry with the share applicants' assessing officers, and not by relying merely on suspicion or non-service of summons on the assessee's director. On this reasoning, the addition was not sustainable. en-us Fri, 30 Nov 2018 00:00:00 +0530 Tue, 11 Dec 2018 06:32:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371794 In share capital cases, an addition under section 68 is not justified where the assessee produces documentary evidence establishing the share applicants' identity, genuineness of the transaction, and creditworthiness, including confirmations, bank statements, income-tax returns, audited financials, and share application records. Once these primary facts are on record, the initial burden stands discharged and the onus shifts to the Revenue. Any residual doubt must be addressed through further verification, including inquiry with the share applicants' assessing officers, and not by relying merely on suspicion or non-service of summons on the assessee's director. On this reasoning, the addition was not sustainable. Case-Laws Income Tax Fri, 30 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371794