https://www.taxtmi.com/caselaws?id=449765 In respect of share capital, share application money and share premium credited in the books of a closely held company, the assessee must explain the nature and source of the credit, including the source of the investor's funds where the statute so requires. Mere filing of documents is insufficient if they do not establish the genuineness, creditworthiness and source of funds in the hands of the applicant. An unsubstantiated claim that the company acted only as a facilitator, or that the same amount was assessed elsewhere, does not by itself defeat the addition under the unexplained credit provisions. en-us Wed, 29 Nov 2023 00:00:00 +0530 Mon, 19 Feb 2024 11:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449765 In respect of share capital, share application money and share premium credited in the books of a closely held company, the assessee must explain the nature and source of the credit, including the source of the investor's funds where the statute so requires. Mere filing of documents is insufficient if they do not establish the genuineness, creditworthiness and source of funds in the hands of the applicant. An unsubstantiated claim that the company acted only as a facilitator, or that the same amount was assessed elsewhere, does not by itself defeat the addition under the unexplained credit provisions. Case-Laws Income Tax Wed, 29 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449765