https://www.taxtmi.com/caselaws?id=293901 Share capital and share application money were held not to be unexplained cash credits where the assessee furnished PAN, income-tax acknowledgements, audited financials, share application forms, allotment records and bank statements, and the subscribing companies complied with notices under section 133(6). Their identity, creditworthiness and genuineness were therefore supported by documentary evidence and banking trail. Mere non-production of the subscribers' directors in response to summons under section 131, by itself, was insufficient to sustain an addition once the initial onus had been discharged. The addition under section 68 was deleted. en-us Fri, 16 Nov 2018 00:00:00 +0530 Mon, 08 Mar 2021 19:21:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293901 Share capital and share application money were held not to be unexplained cash credits where the assessee furnished PAN, income-tax acknowledgements, audited financials, share application forms, allotment records and bank statements, and the subscribing companies complied with notices under section 133(6). Their identity, creditworthiness and genuineness were therefore supported by documentary evidence and banking trail. Mere non-production of the subscribers' directors in response to summons under section 131, by itself, was insufficient to sustain an addition once the initial onus had been discharged. The addition under section 68 was deleted. Case-Laws Income Tax Fri, 16 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293901