https://www.taxtmi.com/caselaws?id=412202 Share capital and share premium received from three investor companies could not be taxed under section 68 where the assessee produced share application forms, ROC records, PAN details, audited financial statements, income tax returns, bank statements and related material to establish the investors' identity, creditworthiness and genuineness. The amounts were routed through banking channels, and no cash deposit by the assessee before issuance of cheques was shown. The Tribunal noted that the amended rule applicable to closely held companies from assessment year 2013-14 did not apply for the year in question. Once the assessee discharged the initial onus with primary evidence, the burden shifted to the Revenue, which failed to rebut the material. The addition was deleted. en-us Thu, 09 Sep 2021 00:00:00 +0530 Thu, 28 Oct 2021 15:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412202 Share capital and share premium received from three investor companies could not be taxed under section 68 where the assessee produced share application forms, ROC records, PAN details, audited financial statements, income tax returns, bank statements and related material to establish the investors' identity, creditworthiness and genuineness. The amounts were routed through banking channels, and no cash deposit by the assessee before issuance of cheques was shown. The Tribunal noted that the amended rule applicable to closely held companies from assessment year 2013-14 did not apply for the year in question. Once the assessee discharged the initial onus with primary evidence, the burden shifted to the Revenue, which failed to rebut the material. The addition was deleted. Case-Laws Income Tax Thu, 09 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412202