https://www.taxtmi.com/caselaws?id=387713 Section 68 applies only to credits arising in the relevant previous year, so share application money received in earlier years and carried forward as opening balance could not be taxed in the year under appeal. For share capital and share premium received during the year, the assessee can discharge the onus by producing primary evidence of identity, creditworthiness and genuineness, including PAN, returns, bank records, audited accounts and ROC documents. Once such evidence is produced, the burden shifts to the Revenue to conduct meaningful enquiry. The amended proviso to section 68 for closely held companies was not applicable to the year in question, and non-appearance of some directors did not by itself displace the documentary evidence. en-us Fri, 09 Aug 2019 00:00:00 +0530 Thu, 24 Oct 2019 15:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387713 Section 68 applies only to credits arising in the relevant previous year, so share application money received in earlier years and carried forward as opening balance could not be taxed in the year under appeal. For share capital and share premium received during the year, the assessee can discharge the onus by producing primary evidence of identity, creditworthiness and genuineness, including PAN, returns, bank records, audited accounts and ROC documents. Once such evidence is produced, the burden shifts to the Revenue to conduct meaningful enquiry. The amended proviso to section 68 for closely held companies was not applicable to the year in question, and non-appearance of some directors did not by itself displace the documentary evidence. Case-Laws Income Tax Fri, 09 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387713