https://www.taxtmi.com/caselaws?id=440404 In a section 68 enquiry, share capital and share premium may be treated as unexplained credits where the assessee fails to establish the investor's identity, creditworthiness and the genuineness of the transaction. Although returns, balance sheets, bank statements and ROC records were produced, the assessee did not produce the directors or principal officers of the share applicant, and the funds moved through repeated debits and credits and group concerns without a satisfactory source. The tribunal accepted that documentary filing and banking channel payments alone do not discharge the onus, and sustained the addition on the surrounding circumstances and human probabilities. en-us Fri, 14 Jul 2023 00:00:00 +0530 Tue, 18 Jul 2023 08:13:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440404 In a section 68 enquiry, share capital and share premium may be treated as unexplained credits where the assessee fails to establish the investor's identity, creditworthiness and the genuineness of the transaction. Although returns, balance sheets, bank statements and ROC records were produced, the assessee did not produce the directors or principal officers of the share applicant, and the funds moved through repeated debits and credits and group concerns without a satisfactory source. The tribunal accepted that documentary filing and banking channel payments alone do not discharge the onus, and sustained the addition on the surrounding circumstances and human probabilities. Case-Laws Income Tax Fri, 14 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440404