https://www.taxtmi.com/caselaws?id=466211 Assessee discharged initial onus under Section 68 by adducing documents establishing identity, creditworthiness and genuineness of investors and source of share application money and premium; onus shifted to Revenue to produce cogent evidence that funds were generated from unaccounted sources, which was absent, therefore additions under Section 68 and for unsecured loans were quashed. Reopening of another assessment year was quashed for lack of jurisdiction. Repayments through account-payee cheques and financial statements corroborating lenders creditworthiness negated unexplained cash credit findings. en-us Wed, 21 Dec 2022 00:00:00 +0530 Tue, 27 Jan 2026 10:58:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466211 Assessee discharged initial onus under Section 68 by adducing documents establishing identity, creditworthiness and genuineness of investors and source of share application money and premium; onus shifted to Revenue to produce cogent evidence that funds were generated from unaccounted sources, which was absent, therefore additions under Section 68 and for unsecured loans were quashed. Reopening of another assessment year was quashed for lack of jurisdiction. Repayments through account-payee cheques and financial statements corroborating lenders creditworthiness negated unexplained cash credit findings. Case-Laws Income Tax Wed, 21 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466211