https://www.taxtmi.com/caselaws?id=404994 Share capital and share premium received from corporate shareholders cannot be treated as unexplained cash credits where the assessee establishes the shareholders' identity, creditworthiness and transaction genuineness through PAN details, tax returns, audited financial statements, share applications, bank records, confirmations and source-of-funds evidence. Receipt through banking channels and substantial own funds support discharge of the assessee's initial burden under section 68, read with the limited evidentiary burden under section 106 of the Indian Evidence Act. The burden then shifts to the Assessing Officer to conduct further enquiry or disprove the evidence; directors' non-appearance or summons non-compliance alone is insufficient. The section 68 addition was deleted. en-us Wed, 03 Mar 2021 00:00:00 +0530 Tue, 09 Mar 2021 08:49:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404994 Share capital and share premium received from corporate shareholders cannot be treated as unexplained cash credits where the assessee establishes the shareholders' identity, creditworthiness and transaction genuineness through PAN details, tax returns, audited financial statements, share applications, bank records, confirmations and source-of-funds evidence. Receipt through banking channels and substantial own funds support discharge of the assessee's initial burden under section 68, read with the limited evidentiary burden under section 106 of the Indian Evidence Act. The burden then shifts to the Assessing Officer to conduct further enquiry or disprove the evidence; directors' non-appearance or summons non-compliance alone is insufficient. The section 68 addition was deleted. Case-Laws Income Tax Wed, 03 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404994