https://www.taxtmi.com/caselaws?id=752528 The ITAT Kolkata ruled in favor of the assessee regarding unexplained cash credit under section 68 for share capital and premium. The AO made additions without examining documents provided by the assessee to prove identity, creditworthiness of share-subscribers and transaction genuineness. The tribunal held that adverse inference cannot be drawn solely because directors of subscriber companies failed to appear for summons, as this is beyond the assessee's control. Once documentary evidence establishes subscriber companies' existence, burden shifts to revenue. The additions were deleted. en-us Tue, 30 Apr 2024 00:00:00 +0530 Mon, 13 May 2024 08:37:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752528 The ITAT Kolkata ruled in favor of the assessee regarding unexplained cash credit under section 68 for share capital and premium. The AO made additions without examining documents provided by the assessee to prove identity, creditworthiness of share-subscribers and transaction genuineness. The tribunal held that adverse inference cannot be drawn solely because directors of subscriber companies failed to appear for summons, as this is beyond the assessee's control. Once documentary evidence establishes subscriber companies' existence, burden shifts to revenue. The additions were deleted. Case-Laws Income Tax Tue, 30 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752528