https://www.taxtmi.com/caselaws?id=403478 Share capital and share premium received from identified group companies were treated as explained where the assessee produced share application records, allotment details, confirmations, bank statements, audited financials, income-tax returns, PAN and incorporation documents, and the subscribers responded to notices and disclosed the source of funds. On those facts, the assessee discharged the burden under section 68 by establishing identity, creditworthiness and genuineness, and the Assessing Officer supplied no adverse material to show that the funds did not belong to the subscribers. The commentary also notes that, where the same share capital is assessed in the hands of the subscriber companies, addition in the recipient's hands would amount to double addition. en-us Fri, 22 Jan 2021 00:00:00 +0530 Sat, 30 Jan 2021 07:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403478 Share capital and share premium received from identified group companies were treated as explained where the assessee produced share application records, allotment details, confirmations, bank statements, audited financials, income-tax returns, PAN and incorporation documents, and the subscribers responded to notices and disclosed the source of funds. On those facts, the assessee discharged the burden under section 68 by establishing identity, creditworthiness and genuineness, and the Assessing Officer supplied no adverse material to show that the funds did not belong to the subscribers. The commentary also notes that, where the same share capital is assessed in the hands of the subscriber companies, addition in the recipient's hands would amount to double addition. Case-Laws Income Tax Fri, 22 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403478