https://www.taxtmi.com/caselaws?id=376358 In a section 68 share capital inquiry, the assessee discharged the initial burden by producing PAN, returns, audited accounts, bank statements, share application forms, allotment records and confirmations from corporate subscribers. The Tribunal noted that the subscribers were income-tax assessees, the funds moved through account payee cheques, the transactions were reflected in their books, and their reserves and bank balances supported creditworthiness. Mere non-appearance of directors in response to notice did not, by itself, disprove identity, genuineness or creditworthiness. As the Revenue failed to make an effective enquiry or rebut the documentary evidence, the addition under section 68 on account of share capital and share premium was not sustainable. en-us Wed, 27 Feb 2019 00:00:00 +0530 Fri, 08 Mar 2019 11:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376358 In a section 68 share capital inquiry, the assessee discharged the initial burden by producing PAN, returns, audited accounts, bank statements, share application forms, allotment records and confirmations from corporate subscribers. The Tribunal noted that the subscribers were income-tax assessees, the funds moved through account payee cheques, the transactions were reflected in their books, and their reserves and bank balances supported creditworthiness. Mere non-appearance of directors in response to notice did not, by itself, disprove identity, genuineness or creditworthiness. As the Revenue failed to make an effective enquiry or rebut the documentary evidence, the addition under section 68 on account of share capital and share premium was not sustainable. Case-Laws Income Tax Wed, 27 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376358