https://www.taxtmi.com/caselaws?id=371796 Share capital and share premium receipts were held to satisfy section 68 because the assessee produced complete particulars of the share applicants, including identity, bank records, tax details and audited accounts, and the applicants responded to notices and summons confirming the investments. The Tribunal found that the three statutory ingredients of identity, genuineness and creditworthiness stood established through account payee cheque and RTGS receipts. It further applied the settled rule that once the assessee discharges the primary burden, any deeper enquiry into the source of the creditors' funds shifts to the Revenue, and the assessee is not required to prove the source of source beyond the record. The addition was therefore deleted and the CIT(A)'s order was upheld. en-us Fri, 07 Dec 2018 00:00:00 +0530 Tue, 11 Dec 2018 06:32:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371796 Share capital and share premium receipts were held to satisfy section 68 because the assessee produced complete particulars of the share applicants, including identity, bank records, tax details and audited accounts, and the applicants responded to notices and summons confirming the investments. The Tribunal found that the three statutory ingredients of identity, genuineness and creditworthiness stood established through account payee cheque and RTGS receipts. It further applied the settled rule that once the assessee discharges the primary burden, any deeper enquiry into the source of the creditors' funds shifts to the Revenue, and the assessee is not required to prove the source of source beyond the record. The addition was therefore deleted and the CIT(A)'s order was upheld. Case-Laws Income Tax Fri, 07 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371796