https://www.taxtmi.com/caselaws?id=404618 The High Court emphasized the assessee's duty to prove the genuineness of share application money and contributors. Failure to adequately explain the source and nature of credited amounts may result in adverse consequences. The Court ruled in favor of the Revenue, highlighting the importance of establishing the identity, creditworthiness, and genuineness of share capital contributors. The assessee's failure to provide sufficient details and discharge the primary onus led to the decision overturning the Tribunal's ruling and upholding the Assessing Officer's order. en-us Wed, 17 Feb 2021 00:00:00 +0530 Tue, 31 Aug 2021 21:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404618 The High Court emphasized the assessee's duty to prove the genuineness of share application money and contributors. Failure to adequately explain the source and nature of credited amounts may result in adverse consequences. The Court ruled in favor of the Revenue, highlighting the importance of establishing the identity, creditworthiness, and genuineness of share capital contributors. The assessee's failure to provide sufficient details and discharge the primary onus led to the decision overturning the Tribunal's ruling and upholding the Assessing Officer's order. Case-Laws Income Tax Wed, 17 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404618