https://www.taxtmi.com/caselaws?id=752657 Whether summons under s.131 were complied with - HC found the assessee gave inconsistent and vague averments about receipt (first claiming notice received after assessment, later denying service) and failed to produce documentary proof; conclusion: noncompliance with s.131 summons, adverse inference permitted and upheld. Whether share application money/premium is genuine under s.68 - on facts tribunal and HC noted newly incorporated company with no track record, absence of business activity or asset/earnings to justify Rs.4,990 premium, defective land transactions and unestablished consideration; legal basis: failure to discharge onus under s.68; outcome: addition upheld against the assessee. en-us Mon, 13 May 2024 00:00:00 +0530 Tue, 20 Jan 2026 13:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752657 Whether summons under s.131 were complied with - HC found the assessee gave inconsistent and vague averments about receipt (first claiming notice received after assessment, later denying service) and failed to produce documentary proof; conclusion: noncompliance with s.131 summons, adverse inference permitted and upheld. Whether share application money/premium is genuine under s.68 - on facts tribunal and HC noted newly incorporated company with no track record, absence of business activity or asset/earnings to justify Rs.4,990 premium, defective land transactions and unestablished consideration; legal basis: failure to discharge onus under s.68; outcome: addition upheld against the assessee. Case-Laws Income Tax Mon, 13 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752657