https://www.taxtmi.com/caselaws?id=391825 The Bombay HC upheld the Tribunal's decision in favor of the assessee regarding unexplained income under Section 68 concerning share application money. The assessee successfully discharged its burden of proving the identity, creditworthiness, and genuineness of transactions with three creditor companies. Evidence included PAN details, income tax returns, bank account copies, and board resolutions of the creditors. The Tribunal found that creditors possessed sufficient funds for share application payments, and the Assessing Officer's investigation through the department's Kolkata wing confirmed the source of funds. Both lower appellate authorities concurrently found that the assessee had adequately proven all three required elements under Section 68. The HC found no perversity in these factual findings and dismissed the revenue's appeal. en-us Wed, 29 Jan 2020 00:00:00 +0530 Tue, 31 Mar 2026 15:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391825 The Bombay HC upheld the Tribunal's decision in favor of the assessee regarding unexplained income under Section 68 concerning share application money. The assessee successfully discharged its burden of proving the identity, creditworthiness, and genuineness of transactions with three creditor companies. Evidence included PAN details, income tax returns, bank account copies, and board resolutions of the creditors. The Tribunal found that creditors possessed sufficient funds for share application payments, and the Assessing Officer's investigation through the department's Kolkata wing confirmed the source of funds. Both lower appellate authorities concurrently found that the assessee had adequately proven all three required elements under Section 68. The HC found no perversity in these factual findings and dismissed the revenue's appeal. Case-Laws Income Tax Wed, 29 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391825