https://www.taxtmi.com/caselaws?id=458756 ITAT Kolkata allowed the assessee's appeal against addition u/s 68 for unexplained share capital and share premium. The tribunal held that once the assessee produced documentary evidence establishing subscriber companies' existence and all companies responded to s.133(6) notices, the burden shifted to revenue to prove discrepancies. The AO failed to point out defects in furnished documents or conduct further investigation despite companies explaining their creditworthiness and fund sources. The assessee successfully discharged the onus to prove identity, creditworthiness, and genuineness of transactions. en-us Thu, 26 Oct 2023 00:00:00 +0530 Thu, 14 Nov 2024 19:06:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458756 ITAT Kolkata allowed the assessee's appeal against addition u/s 68 for unexplained share capital and share premium. The tribunal held that once the assessee produced documentary evidence establishing subscriber companies' existence and all companies responded to s.133(6) notices, the burden shifted to revenue to prove discrepancies. The AO failed to point out defects in furnished documents or conduct further investigation despite companies explaining their creditworthiness and fund sources. The assessee successfully discharged the onus to prove identity, creditworthiness, and genuineness of transactions. Case-Laws Income Tax Thu, 26 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458756