https://www.taxtmi.com/caselaws?id=465343 Whether share application money was liable to addition as unexplained cash credit under s. 68 turned on the assessee's discharge of the onus to establish the identity and creditworthiness of the investors and the genuineness of the transactions. The Tribunal held that the assessee produced necessary documentary evidence on all three ingredients, and the investors' financials reflected sufficient resources to make the investments. The AO, despite relying on search material indicating alleged accommodation entries, conducted no further independent enquiry to rebut the evidences or to demonstrate that the investors were non-genuine. Consequently, deletion of the s. 68 addition by the appellate authority was upheld and the revenue's appeal was dismissed. en-us Mon, 09 Sep 2019 00:00:00 +0530 Wed, 17 Dec 2025 21:52:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465343 Whether share application money was liable to addition as unexplained cash credit under s. 68 turned on the assessee's discharge of the onus to establish the identity and creditworthiness of the investors and the genuineness of the transactions. The Tribunal held that the assessee produced necessary documentary evidence on all three ingredients, and the investors' financials reflected sufficient resources to make the investments. The AO, despite relying on search material indicating alleged accommodation entries, conducted no further independent enquiry to rebut the evidences or to demonstrate that the investors were non-genuine. Consequently, deletion of the s. 68 addition by the appellate authority was upheld and the revenue's appeal was dismissed. Case-Laws Income Tax Mon, 09 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465343