https://www.taxtmi.com/caselaws?id=310154 Section 68 addition on share capital and share premium was deleted because the assessee produced credible documentary evidence of identity, creditworthiness and genuineness, including PAN, returns, confirmations, bank statements, audited accounts, share application forms, valuation material and responses to section 133(6) notices. The Tribunal held that mere suspicion, absence of business infrastructure, generalized third-party statements, or uncorroborated investigation reports could not override that evidence, particularly where no fair opportunity was given to rebut adverse material. It also held that, for the year in question, the assessee was not required to prove source of source under the amended proviso. The first appellate relief was therefore upheld. en-us Mon, 28 Feb 2022 00:00:00 +0530 Mon, 09 Oct 2023 17:50:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310154 Section 68 addition on share capital and share premium was deleted because the assessee produced credible documentary evidence of identity, creditworthiness and genuineness, including PAN, returns, confirmations, bank statements, audited accounts, share application forms, valuation material and responses to section 133(6) notices. The Tribunal held that mere suspicion, absence of business infrastructure, generalized third-party statements, or uncorroborated investigation reports could not override that evidence, particularly where no fair opportunity was given to rebut adverse material. It also held that, for the year in question, the assessee was not required to prove source of source under the amended proviso. The first appellate relief was therefore upheld. Case-Laws Income Tax Mon, 28 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310154