https://www.taxtmi.com/caselaws?id=754748 ITAT Kolkata ruled in favor of the assessee in a case involving unexplained cash credit under Section 68 regarding bogus share capital and premium. The AO made additions without examining documents provided by the assessee, including subscriber details, creditworthiness evidence, and bank statements. The AO merely issued notices requiring personal appearance of directors without identifying specific discrepancies. The assessee demonstrated that shares were sold at Rs. 200 against book value of Rs. 191, with subscriber relationships spanning 10 years. The tribunal held that once the assessee discharged the initial burden by providing documentary evidence of subscriber identity and creditworthiness, the burden shifted to revenue to establish their case through proper examination. en-us Wed, 21 Feb 2024 00:00:00 +0530 Fri, 28 Jun 2024 11:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754748 ITAT Kolkata ruled in favor of the assessee in a case involving unexplained cash credit under Section 68 regarding bogus share capital and premium. The AO made additions without examining documents provided by the assessee, including subscriber details, creditworthiness evidence, and bank statements. The AO merely issued notices requiring personal appearance of directors without identifying specific discrepancies. The assessee demonstrated that shares were sold at Rs. 200 against book value of Rs. 191, with subscriber relationships spanning 10 years. The tribunal held that once the assessee discharged the initial burden by providing documentary evidence of subscriber identity and creditworthiness, the burden shifted to revenue to establish their case through proper examination. Case-Laws Income Tax Wed, 21 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754748