https://www.taxtmi.com/caselaws?id=374886 In the context of share capital and share premium receipts, the primary burden under section 68 of the Income-tax Act was treated as discharged where the assessee produced names, addresses, PAN details, returns, bank statements, share application forms, allotment letters and audited financials of the subscribers. Payments through account payee cheques, coupled with sufficient funds in the subscribers' accounts and no immediate cash deposits, supported identity, genuineness and creditworthiness. Once those elements were shown, the onus shifted to the Revenue, and mere non-appearance of some subscribers or lack of further enquiry by the tax authorities was insufficient to sustain the addition. The addition was therefore held unsustainable and deleted. en-us Fri, 01 Feb 2019 00:00:00 +0530 Tue, 12 Feb 2019 14:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374886 In the context of share capital and share premium receipts, the primary burden under section 68 of the Income-tax Act was treated as discharged where the assessee produced names, addresses, PAN details, returns, bank statements, share application forms, allotment letters and audited financials of the subscribers. Payments through account payee cheques, coupled with sufficient funds in the subscribers' accounts and no immediate cash deposits, supported identity, genuineness and creditworthiness. Once those elements were shown, the onus shifted to the Revenue, and mere non-appearance of some subscribers or lack of further enquiry by the tax authorities was insufficient to sustain the addition. The addition was therefore held unsustainable and deleted. Case-Laws Income Tax Fri, 01 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374886