https://www.taxtmi.com/caselaws?id=766528 Where an assessee supports share capital and share premium credits with PAN, audited financials, bank statements and other subscriber evidence, the burden under section 68 is discharged if the revenue fails to make a meaningful enquiry. Here, notices to subscribers elicited replies and most subscribers had been assessed under section 143(3), yet no effective verification was made even after remand. An ad hoc estimate of part of the credits as profit was therefore unsustainable because identity, creditworthiness and genuineness had not been disproved on proper evidence. The addition under section 68 was deleted. en-us Mon, 24 Feb 2025 00:00:00 +0530 Thu, 27 Feb 2025 08:14:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766528 Where an assessee supports share capital and share premium credits with PAN, audited financials, bank statements and other subscriber evidence, the burden under section 68 is discharged if the revenue fails to make a meaningful enquiry. Here, notices to subscribers elicited replies and most subscribers had been assessed under section 143(3), yet no effective verification was made even after remand. An ad hoc estimate of part of the credits as profit was therefore unsustainable because identity, creditworthiness and genuineness had not been disproved on proper evidence. The addition under section 68 was deleted. Case-Laws Income Tax Mon, 24 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766528