https://www.taxtmi.com/caselaws?id=466458 Addition under section 68 challenged on grounds of share application money and share premium receipts; primary onus lies on the assessee to establish identity and creditworthiness of investors and genuineness of transactions, which the assessee discharged by producing primary documents. The revenue failed to undertake independent inquiries available under law to disprove those explanations; absent such enquiries, the prima facie evidence could not be ignored. Following precedents recognising that unexplored explanations cannot be rejected arbitrarily, the impugned addition was struck down and the appeal was allowed. en-us Mon, 10 Feb 2025 00:00:00 +0530 Fri, 06 Feb 2026 11:43:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466458 Addition under section 68 challenged on grounds of share application money and share premium receipts; primary onus lies on the assessee to establish identity and creditworthiness of investors and genuineness of transactions, which the assessee discharged by producing primary documents. The revenue failed to undertake independent inquiries available under law to disprove those explanations; absent such enquiries, the prima facie evidence could not be ignored. Following precedents recognising that unexplored explanations cannot be rejected arbitrarily, the impugned addition was struck down and the appeal was allowed. Case-Laws Income Tax Mon, 10 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466458