https://www.taxtmi.com/caselaws?id=466112 Section 68 cash-credit scrutiny requires evaluation of the share subscribers' identity, creditworthiness and the genuineness of the transactions on the evidentiary material produced. An adverse inference based solely on directors' non-response to notices is treated as insufficient where the assessing authority has not examined the veracity or admissibility of the documents already on record. A reasoned appellate assessment must address that evidence and demonstrate application of mind; a non-speaking order does not meet this standard. On the stated analysis, the cash-credit addition was set aside and the Revenue's appeal did not succeed. en-us Fri, 03 May 2024 00:00:00 +0530 Sat, 24 Jan 2026 11:53:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466112 Section 68 cash-credit scrutiny requires evaluation of the share subscribers' identity, creditworthiness and the genuineness of the transactions on the evidentiary material produced. An adverse inference based solely on directors' non-response to notices is treated as insufficient where the assessing authority has not examined the veracity or admissibility of the documents already on record. A reasoned appellate assessment must address that evidence and demonstrate application of mind; a non-speaking order does not meet this standard. On the stated analysis, the cash-credit addition was set aside and the Revenue's appeal did not succeed. Case-Laws Income Tax Fri, 03 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466112