https://www.taxtmi.com/caselaws?id=466215 Addition of Rs. 6,52,00,000 treated as unexplained share capital under Section 68 was set aside because the assessee produced identity, bank, net worth and audit records that discharged the initial onus; the revenue failed to undertake or produce specific contrary enquiries or evidence, so the addition was deleted. The Rs. 1,02,350 disallowance under Section 14A and Rule 8D was also deleted because no exempt income (dividend) arose in the year and established authority negates Section 14A disallowance where no exempt income exists. Both outcomes favour the assessee. en-us Fri, 23 Feb 2024 00:00:00 +0530 Thu, 12 Feb 2026 11:11:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466215 Addition of Rs. 6,52,00,000 treated as unexplained share capital under Section 68 was set aside because the assessee produced identity, bank, net worth and audit records that discharged the initial onus; the revenue failed to undertake or produce specific contrary enquiries or evidence, so the addition was deleted. The Rs. 1,02,350 disallowance under Section 14A and Rule 8D was also deleted because no exempt income (dividend) arose in the year and established authority negates Section 14A disallowance where no exempt income exists. Both outcomes favour the assessee. Case-Laws Income Tax Fri, 23 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466215