https://www.taxtmi.com/caselaws?id=402251 Share application money and share premium cannot be added as unexplained cash credit where the assessee produces primary evidence establishing the subscriber's identity, creditworthiness and genuineness of the transaction, including PAN, return, audited accounts, bank statement, confirmations, allotment documents and source trail. Payment through banking channels and demonstrated availability of funds support discharge of the initial burden under section 68, after which the burden shifts to the Revenue. The amended section 68 provision for closely held companies did not apply to assessment year 2011-12. On these facts, the addition based on the premium charged and mere suspicion was not sustainable. en-us Wed, 08 Jul 2020 00:00:00 +0530 Mon, 28 Dec 2020 09:44:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402251 Share application money and share premium cannot be added as unexplained cash credit where the assessee produces primary evidence establishing the subscriber's identity, creditworthiness and genuineness of the transaction, including PAN, return, audited accounts, bank statement, confirmations, allotment documents and source trail. Payment through banking channels and demonstrated availability of funds support discharge of the initial burden under section 68, after which the burden shifts to the Revenue. The amended section 68 provision for closely held companies did not apply to assessment year 2011-12. On these facts, the addition based on the premium charged and mere suspicion was not sustainable. Case-Laws Income Tax Wed, 08 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402251