https://www.taxtmi.com/caselaws?id=440929 Section 68 addition on share application money was deleted because the assessee produced income-tax returns, bank statements, confirmations and affidavits, while the revenue did not discredit the material, conduct meaningful enquiry or allow effective cross-examination of the adverse deponent. The burden shifted to the revenue once primary evidence on identity, creditworthiness and genuineness was furnished, and it was not discharged. Estimation of profit at 8% on gross receipts from finishing work was also deleted because the books of account were not rejected; income could not be estimated on an ad hoc basis without a legally sustainable rejection of the regular books. Interest was treated as consequential. en-us Wed, 26 Jul 2023 00:00:00 +0530 Fri, 28 Jul 2023 12:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440929 Section 68 addition on share application money was deleted because the assessee produced income-tax returns, bank statements, confirmations and affidavits, while the revenue did not discredit the material, conduct meaningful enquiry or allow effective cross-examination of the adverse deponent. The burden shifted to the revenue once primary evidence on identity, creditworthiness and genuineness was furnished, and it was not discharged. Estimation of profit at 8% on gross receipts from finishing work was also deleted because the books of account were not rejected; income could not be estimated on an ad hoc basis without a legally sustainable rejection of the regular books. Interest was treated as consequential. Case-Laws Income Tax Wed, 26 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440929