https://www.taxtmi.com/caselaws?id=409359 Where a company receiving share application money substantiates the identity of the subscribers, the genuineness of the banking transactions and their creditworthiness through PAN, returns, balance sheets, bank statements, share application forms and allotment records, an addition for unexplained cash credit cannot be sustained. The fact that the share applicants were separately assessed to tax and replies were received to notices under section 133(6) supported the assessee's explanation. The burden then shifted to the Revenue, and no adverse inference could be drawn merely because some applicants had their own additions or because no further effective enquiry was made. The deletion of the addition under section 68 was upheld. en-us Wed, 23 Jun 2021 00:00:00 +0530 Tue, 06 Jul 2021 09:44:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409359 Where a company receiving share application money substantiates the identity of the subscribers, the genuineness of the banking transactions and their creditworthiness through PAN, returns, balance sheets, bank statements, share application forms and allotment records, an addition for unexplained cash credit cannot be sustained. The fact that the share applicants were separately assessed to tax and replies were received to notices under section 133(6) supported the assessee's explanation. The burden then shifted to the Revenue, and no adverse inference could be drawn merely because some applicants had their own additions or because no further effective enquiry was made. The deletion of the addition under section 68 was upheld. Case-Laws Income Tax Wed, 23 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409359