https://www.taxtmi.com/caselaws?id=463083 The ITAT Kolkata held that the assessee discharged the initial burden of proving the identity, creditworthiness, and genuineness of share subscribing companies in relation to unexplained cash credits under section 68. The AO failed to point out any discrepancies or insufficiency in the evidence and did not conduct further investigation despite the documentary proof submitted. Relying on precedent, the burden shifted to the AO to establish the transaction as bogus, which was not done. The tribunal deleted the addition made by the AO on account of bogus share capital and allowed the grounds raised by the assessee. en-us Wed, 10 Apr 2024 00:00:00 +0530 Tue, 05 Aug 2025 20:49:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463083 The ITAT Kolkata held that the assessee discharged the initial burden of proving the identity, creditworthiness, and genuineness of share subscribing companies in relation to unexplained cash credits under section 68. The AO failed to point out any discrepancies or insufficiency in the evidence and did not conduct further investigation despite the documentary proof submitted. Relying on precedent, the burden shifted to the AO to establish the transaction as bogus, which was not done. The tribunal deleted the addition made by the AO on account of bogus share capital and allowed the grounds raised by the assessee. Case-Laws Income Tax Wed, 10 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463083