https://www.taxtmi.com/caselaws?id=310453 Unexplained cash credits arising from share subscriptions require the assessee to prove identity, creditworthiness and financials of subscriber companies; once documentary evidence establishes their existence, the burden shifts to revenue to disprove genuineness, and mere nonappearance of subscriber directors to AO summons does not justify an adverse inference. The AO failed to identify specific discrepancies or explain why further inquiry (including recording directors' statements) was necessary, and the appellate order was found nonspeaking and mechanically upheld; appeal decided in favour of the assessee. en-us Thu, 18 May 2023 00:00:00 +0530 Fri, 06 Feb 2026 16:51:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310453 Unexplained cash credits arising from share subscriptions require the assessee to prove identity, creditworthiness and financials of subscriber companies; once documentary evidence establishes their existence, the burden shifts to revenue to disprove genuineness, and mere nonappearance of subscriber directors to AO summons does not justify an adverse inference. The AO failed to identify specific discrepancies or explain why further inquiry (including recording directors' statements) was necessary, and the appellate order was found nonspeaking and mechanically upheld; appeal decided in favour of the assessee. Case-Laws Income Tax Thu, 18 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310453