https://www.taxtmi.com/caselaws?id=430162 Where an assessee substantiates share capital and share premium with PAN, confirmations, audited financial statements, bank statements, source-of-source details and compliant responses to statutory notices, section 68 addition is not sustainable. The record showed that the share applicants furnished returns, accounts, bank records and explanations, and the assessee's director appeared under summons. In the absence of adverse material rebutting this evidence, mere non-production of some third parties or the fact that shares were issued at a high premium did not justify an addition under section 68. The documentary evidence established identity, creditworthiness and genuineness, so the addition was rightly deleted. en-us Thu, 10 Nov 2022 00:00:00 +0530 Sat, 12 Nov 2022 09:14:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430162 Where an assessee substantiates share capital and share premium with PAN, confirmations, audited financial statements, bank statements, source-of-source details and compliant responses to statutory notices, section 68 addition is not sustainable. The record showed that the share applicants furnished returns, accounts, bank records and explanations, and the assessee's director appeared under summons. In the absence of adverse material rebutting this evidence, mere non-production of some third parties or the fact that shares were issued at a high premium did not justify an addition under section 68. The documentary evidence established identity, creditworthiness and genuineness, so the addition was rightly deleted. Case-Laws Income Tax Thu, 10 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430162