https://www.taxtmi.com/caselaws?id=784607 Where share application money for privately placed preference shares was received but statutory notices to applicants were returned unserved and applicants did not respond, the tribunal held the assessee must establish identity, creditworthiness, and genuineness with credible particulars, including current addresses and allotment details; since evidence came only from the assessee and it failed to prove the nature and source beyond doubt, the addition under s.68 was sustained and the corresponding 5% commission addition under s.69C was also sustained. On disallowance under s.14A, applying HC precedent that disallowance cannot exceed exempt income, the AO was directed to cap disallowance at the exempt dividend income, with no further disallowance if already made. en-us Fri, 02 Jan 2026 00:00:00 +0530 Thu, 08 Jan 2026 08:22:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=784607 Where share application money for privately placed preference shares was received but statutory notices to applicants were returned unserved and applicants did not respond, the tribunal held the assessee must establish identity, creditworthiness, and genuineness with credible particulars, including current addresses and allotment details; since evidence came only from the assessee and it failed to prove the nature and source beyond doubt, the addition under s.68 was sustained and the corresponding 5% commission addition under s.69C was also sustained. On disallowance under s.14A, applying HC precedent that disallowance cannot exceed exempt income, the AO was directed to cap disallowance at the exempt dividend income, with no further disallowance if already made. Case-Laws Income Tax Fri, 02 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=784607