https://www.taxtmi.com/caselaws?id=402264 Share application money supported by confirmations, audited accounts, bank statements, PAN details, ROC particulars and other documents established the identity, genuineness and prima facie creditworthiness of the investor companies. Once that threshold was met, the burden shifted to the Revenue, which failed to rebut the evidence with meaningful contrary material or further enquiry. Mere non-appearance of directors or an unsubstantiated suspicion that the investors were shell entities was insufficient to justify an addition as unexplained cash credit under section 68. The addition was therefore deleted. en-us Mon, 14 Dec 2020 00:00:00 +0530 Mon, 28 Dec 2020 09:45:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402264 Share application money supported by confirmations, audited accounts, bank statements, PAN details, ROC particulars and other documents established the identity, genuineness and prima facie creditworthiness of the investor companies. Once that threshold was met, the burden shifted to the Revenue, which failed to rebut the evidence with meaningful contrary material or further enquiry. Mere non-appearance of directors or an unsubstantiated suspicion that the investors were shell entities was insufficient to justify an addition as unexplained cash credit under section 68. The addition was therefore deleted. Case-Laws Income Tax Mon, 14 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402264