https://www.taxtmi.com/caselaws?id=308437 In assessments involving share capital and share premium, the assessee discharges the burden under section 68 by producing primary evidence such as balance sheets, bank statements, confirmations, income-tax particulars, ROC records and other supporting material, together with compliance to notices under section 133(6) and examination of an investor director under section 131. On those facts, the identity of the investors, genuineness of the transactions and creditworthiness were accepted, so the section 68 addition was not sustainable. For assessment years before insertion of the proviso to section 68, a closely held company was not required to prove the source of the source in relation to share capital or premium. en-us Tue, 25 Jan 2022 00:00:00 +0530 Mon, 26 Jun 2023 20:41:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308437 In assessments involving share capital and share premium, the assessee discharges the burden under section 68 by producing primary evidence such as balance sheets, bank statements, confirmations, income-tax particulars, ROC records and other supporting material, together with compliance to notices under section 133(6) and examination of an investor director under section 131. On those facts, the identity of the investors, genuineness of the transactions and creditworthiness were accepted, so the section 68 addition was not sustainable. For assessment years before insertion of the proviso to section 68, a closely held company was not required to prove the source of the source in relation to share capital or premium. Case-Laws Income Tax Tue, 25 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308437