https://www.taxtmi.com/caselaws?id=285445 Where an assessee substantiates share application money and premium with subscriber identity, PAN, income-tax returns, audited accounts, bank records, allotment documents and confirmation, and the payments move through banking channels without unexplained cash deposits, the requirements of identity, creditworthiness and genuineness are satisfied; the addition under section 68 was deleted. Where the assessee's own non-interest-bearing funds were sufficient to cover the investments and no exempt income was earned during the year, no interest disallowance could be made under Rule 8D(2)(ii) and section 14A could not be invoked for a further disallowance under Rule 8D(2)(iii); the disallowance was deleted. en-us Fri, 15 Mar 2019 00:00:00 +0530 Mon, 13 Jan 2020 07:46:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285445 Where an assessee substantiates share application money and premium with subscriber identity, PAN, income-tax returns, audited accounts, bank records, allotment documents and confirmation, and the payments move through banking channels without unexplained cash deposits, the requirements of identity, creditworthiness and genuineness are satisfied; the addition under section 68 was deleted. Where the assessee's own non-interest-bearing funds were sufficient to cover the investments and no exempt income was earned during the year, no interest disallowance could be made under Rule 8D(2)(ii) and section 14A could not be invoked for a further disallowance under Rule 8D(2)(iii); the disallowance was deleted. Case-Laws Income Tax Fri, 15 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285445