https://www.taxtmi.com/caselaws?id=311284 ITAT Mumbai held that assessee successfully discharged burden under Section 68 regarding unexplained cash credits from share subscriptions. Despite non-compliance with summons by investor company directors, assessee provided adequate documentary evidence including confirmations, PAN cards, financial statements, and bank statements establishing identity, creditworthiness, and genuineness of transactions. Court emphasized Section 68 uses "may" not "shall" for charging unexplained credits as income. Regarding valuation under Section 56(2)(viib), AO cannot reject assessee's chosen valuation methodology without proving specific defects. For advances/deposits, once assessee establishes creditor identity and transaction genuineness, burden shifts to Revenue to prove otherwise. Appeal allowed in assessee's favor. en-us Fri, 17 Jun 2022 00:00:00 +0530 Sun, 17 Dec 2023 15:13:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311284 ITAT Mumbai held that assessee successfully discharged burden under Section 68 regarding unexplained cash credits from share subscriptions. Despite non-compliance with summons by investor company directors, assessee provided adequate documentary evidence including confirmations, PAN cards, financial statements, and bank statements establishing identity, creditworthiness, and genuineness of transactions. Court emphasized Section 68 uses "may" not "shall" for charging unexplained credits as income. Regarding valuation under Section 56(2)(viib), AO cannot reject assessee's chosen valuation methodology without proving specific defects. For advances/deposits, once assessee establishes creditor identity and transaction genuineness, burden shifts to Revenue to prove otherwise. Appeal allowed in assessee's favor. Case-Laws Income Tax Fri, 17 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311284