https://www.taxtmi.com/caselaws?id=753655 In a section 68 cash credit enquiry involving share capital and share premium from investor companies, the assessee discharged the initial onus by producing investor financial statements, balance sheets and bank records. The investors' sources had been accepted in their own assessments, so creditworthiness had to be judged on actual financial capacity and supporting evidence, not on returned income alone. On that basis, the addition was held unsustainable and deletion was upheld in favour of the assessee. en-us Tue, 16 Jan 2024 00:00:00 +0530 Fri, 07 Jun 2024 08:13:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753655 In a section 68 cash credit enquiry involving share capital and share premium from investor companies, the assessee discharged the initial onus by producing investor financial statements, balance sheets and bank records. The investors' sources had been accepted in their own assessments, so creditworthiness had to be judged on actual financial capacity and supporting evidence, not on returned income alone. On that basis, the addition was held unsustainable and deletion was upheld in favour of the assessee. Case-Laws Income Tax Tue, 16 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753655