https://www.taxtmi.com/caselaws?id=377837 In a share capital and share premium case, the assessee discharged the burden under the unamended section 68 by producing PAN, income-tax returns, audited accounts, bank statements, ROC particulars and confirmations, supported by replies to section 133(6) notices. These records established the identity, genuineness and creditworthiness of the share applicants, and the absence of their directors' personal appearance did not by itself displace that evidence. As no material showed that the money belonged to the assessee or that the applicants were fictitious, the burden shifted to the Revenue and the addition under section 68 was held unsustainable. en-us Fri, 29 Mar 2019 00:00:00 +0530 Wed, 03 Apr 2019 16:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377837 In a share capital and share premium case, the assessee discharged the burden under the unamended section 68 by producing PAN, income-tax returns, audited accounts, bank statements, ROC particulars and confirmations, supported by replies to section 133(6) notices. These records established the identity, genuineness and creditworthiness of the share applicants, and the absence of their directors' personal appearance did not by itself displace that evidence. As no material showed that the money belonged to the assessee or that the applicants were fictitious, the burden shifted to the Revenue and the addition under section 68 was held unsustainable. Case-Laws Income Tax Fri, 29 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377837