https://www.taxtmi.com/caselaws?id=754588 Failure to produce supporting material for share subscription transactions may justify treatment of share capital and share premium as unexplained cash credit under section 68; in the absence of evidence proving identity, creditworthiness and genuineness, the addition was sustained. A section 14A disallowance computed under Rule 8D(2)(iii) is also upheld where the assessee does not rebut the assessment record showing investments in equity shares and no suo motu disallowance. The article notes that, on these facts, both additions were affirmed and the appeal failed entirely. en-us Wed, 17 Jan 2024 00:00:00 +0530 Thu, 27 Jun 2024 08:54:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754588 Failure to produce supporting material for share subscription transactions may justify treatment of share capital and share premium as unexplained cash credit under section 68; in the absence of evidence proving identity, creditworthiness and genuineness, the addition was sustained. A section 14A disallowance computed under Rule 8D(2)(iii) is also upheld where the assessee does not rebut the assessment record showing investments in equity shares and no suo motu disallowance. The article notes that, on these facts, both additions were affirmed and the appeal failed entirely. Case-Laws Income Tax Wed, 17 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754588