https://www.taxtmi.com/caselaws?id=372553 In share capital and share premium under section 68, the assessee discharges the initial burden by producing primary evidence of the investors' identity, creditworthiness and genuineness, including PAN, bank statements, income-tax returns, audited accounts and confirmations. Where that material is on record and the share applicants respond to notices with documentary support, mere non-appearance of their directors before the Assessing Officer does not, by itself, sustain an addition. The Revenue must then carry out meaningful enquiry and rebut the evidence produced. On these principles, the addition under section 68 was held unsustainable. en-us Fri, 14 Dec 2018 00:00:00 +0530 Tue, 25 Dec 2018 08:24:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372553 In share capital and share premium under section 68, the assessee discharges the initial burden by producing primary evidence of the investors' identity, creditworthiness and genuineness, including PAN, bank statements, income-tax returns, audited accounts and confirmations. Where that material is on record and the share applicants respond to notices with documentary support, mere non-appearance of their directors before the Assessing Officer does not, by itself, sustain an addition. The Revenue must then carry out meaningful enquiry and rebut the evidence produced. On these principles, the addition under section 68 was held unsustainable. Case-Laws Income Tax Fri, 14 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372553