https://www.taxtmi.com/caselaws?id=311316 Share capital and share premium additions under section 68 were unsustainable where the subscriber companies responded to section 133(6) notices with income-tax acknowledgments, audited accounts, bank statements, share application details and confirmations. The documentary record established the identity, creditworthiness and genuineness of the share subscription transactions, with funds routed through banking channels and no cash deposited before issue of cheques. Mere non-appearance of directors in response to section 131 summons, without contrary material or further Revenue investigation, was insufficient to rebut that evidence. The amended source-of-source requirement inserted from 01.04.2013 was inapplicable to the assessment year, and the deletion of the addition was upheld. en-us Wed, 01 Feb 2023 00:00:00 +0530 Wed, 20 Dec 2023 06:31:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311316 Share capital and share premium additions under section 68 were unsustainable where the subscriber companies responded to section 133(6) notices with income-tax acknowledgments, audited accounts, bank statements, share application details and confirmations. The documentary record established the identity, creditworthiness and genuineness of the share subscription transactions, with funds routed through banking channels and no cash deposited before issue of cheques. Mere non-appearance of directors in response to section 131 summons, without contrary material or further Revenue investigation, was insufficient to rebut that evidence. The amended source-of-source requirement inserted from 01.04.2013 was inapplicable to the assessment year, and the deletion of the addition was upheld. Case-Laws Income Tax Wed, 01 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311316