https://www.taxtmi.com/caselaws?id=308733 Share application money received from three corporate subscribers was treated as unexplained income under section 68 because the assessee failed to prove the identity, creditworthiness and genuineness of the transactions. Although returns, confirmations and bank details were filed, the assessee did not produce the directors despite repeated opportunities, and the record showed meagre bank balances, no evidence of share allotment, and no satisfactory explanation of the subscribers' financial capacity. The Tribunal applied the settled rule that cheque payments and paper confirmations do not by themselves discharge the burden where surrounding circumstances indicate accommodation entries. en-us Fri, 07 Dec 2012 00:00:00 +0530 Mon, 17 Jul 2023 11:24:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308733 Share application money received from three corporate subscribers was treated as unexplained income under section 68 because the assessee failed to prove the identity, creditworthiness and genuineness of the transactions. Although returns, confirmations and bank details were filed, the assessee did not produce the directors despite repeated opportunities, and the record showed meagre bank balances, no evidence of share allotment, and no satisfactory explanation of the subscribers' financial capacity. The Tribunal applied the settled rule that cheque payments and paper confirmations do not by themselves discharge the burden where surrounding circumstances indicate accommodation entries. Case-Laws Income Tax Fri, 07 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308733