https://www.taxtmi.com/caselaws?id=400851 Share capital and share premium additions under section 68 could not be sustained where the assessee produced documentary evidence establishing the shareholder's identity, genuineness of the subscription and creditworthiness, including PAN, incorporation details, return acknowledgments, audited accounts, allotment records and bank statements. The share subscriber was an existing income-tax assessee, the investment was routed through banking channels, and the Department had accepted the shareholder's earlier-year investment and assessed it under section 143(3). On these facts, the initial onus under section 68 was discharged and the burden shifted to the Revenue; without rebuttal evidence, an addition could not rest on suspicion or adverse inference. en-us Fri, 13 Nov 2020 00:00:00 +0530 Fri, 20 Nov 2020 13:33:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400851 Share capital and share premium additions under section 68 could not be sustained where the assessee produced documentary evidence establishing the shareholder's identity, genuineness of the subscription and creditworthiness, including PAN, incorporation details, return acknowledgments, audited accounts, allotment records and bank statements. The share subscriber was an existing income-tax assessee, the investment was routed through banking channels, and the Department had accepted the shareholder's earlier-year investment and assessed it under section 143(3). On these facts, the initial onus under section 68 was discharged and the burden shifted to the Revenue; without rebuttal evidence, an addition could not rest on suspicion or adverse inference. Case-Laws Income Tax Fri, 13 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400851