https://www.taxtmi.com/caselaws?id=433023 Cash payments beyond the statutory limit attracted disallowance where no exception was shown, and expenditure on share-capital related work was not eligible for amortisation absent proof that it fell within the statutory class under section 35D. For share capital and share premium, the assessee had to establish the identity, creditworthiness and genuineness of investors with credible evidence; mere confirmations, banking entries or routed funds did not discharge that burden where subscribers were unresponsive, denied the transaction, or showed unexplained cash deposits. The article also notes that unexplained share credits were sustained for one year and restored for another on these facts. en-us Mon, 16 Jan 2023 00:00:00 +0530 Wed, 18 Jan 2023 11:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433023 Cash payments beyond the statutory limit attracted disallowance where no exception was shown, and expenditure on share-capital related work was not eligible for amortisation absent proof that it fell within the statutory class under section 35D. For share capital and share premium, the assessee had to establish the identity, creditworthiness and genuineness of investors with credible evidence; mere confirmations, banking entries or routed funds did not discharge that burden where subscribers were unresponsive, denied the transaction, or showed unexplained cash deposits. The article also notes that unexplained share credits were sustained for one year and restored for another on these facts. Case-Laws Income Tax Mon, 16 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433023