https://www.taxtmi.com/caselaws?id=773500 The ITAT Ahmedabad held that the assessee company successfully discharged its primary onus under section 68 by providing necessary documents proving identity, creditworthiness, and genuineness of share applicants. The tribunal ruled that once these three elements are established, no addition can be made for cash credits merely because shares were issued at excess premium, following the SC precedent in Chain House International. The Department failed to conduct further inquiry after the assessee's explanation. Additionally, the tribunal upheld CIT(A)'s finding that reassessment proceedings were invalid as they were based on the AO's change of opinion without any new information, making the reopening improper. Appeal allowed in favor of assessee. en-us Tue, 17 Dec 2024 00:00:00 +0530 Tue, 24 Jun 2025 08:25:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773500 The ITAT Ahmedabad held that the assessee company successfully discharged its primary onus under section 68 by providing necessary documents proving identity, creditworthiness, and genuineness of share applicants. The tribunal ruled that once these three elements are established, no addition can be made for cash credits merely because shares were issued at excess premium, following the SC precedent in Chain House International. The Department failed to conduct further inquiry after the assessee's explanation. Additionally, the tribunal upheld CIT(A)'s finding that reassessment proceedings were invalid as they were based on the AO's change of opinion without any new information, making the reopening improper. Appeal allowed in favor of assessee. Case-Laws Income Tax Tue, 17 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773500