https://www.taxtmi.com/caselaws?id=754588 Share capital and premium were treated as unexplained cash credits because the assessee produced no material establishing the identity, creditworthiness and genuineness of subscribing entities, while notices and summons remained unanswered. The section 68 addition was therefore sustained. Investment in equity shares, coupled with no voluntary disallowance and no evidence rebutting the assessment findings, supported disallowance of expenditure relating to exempt income under section 14A read with Rule 8D(2)(iii). The additions sustained at the first appellate stage 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 Share capital and premium were treated as unexplained cash credits because the assessee produced no material establishing the identity, creditworthiness and genuineness of subscribing entities, while notices and summons remained unanswered. The section 68 addition was therefore sustained. Investment in equity shares, coupled with no voluntary disallowance and no evidence rebutting the assessment findings, supported disallowance of expenditure relating to exempt income under section 14A read with Rule 8D(2)(iii). The additions sustained at the first appellate stage 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