https://www.taxtmi.com/caselaws?id=466604 Where an assessee furnished credible documentary proof of identity, creditworthiness and genuineness for share subscriptions and showed funds routed through banking channels, the primary onus under the income tax law was held to be discharged and the burden shifted to the Assessing Officer to identify specific discrepancies; absent such rebuttal, additions treating share capital and premium as unexplained were deleted. Because the substantive addition was vacated on its merits, any consequential penalty premised on that addition was also held unsustainable and deleted. en-us Fri, 21 Jun 2024 00:00:00 +0530 Thu, 12 Feb 2026 11:14:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466604 Where an assessee furnished credible documentary proof of identity, creditworthiness and genuineness for share subscriptions and showed funds routed through banking channels, the primary onus under the income tax law was held to be discharged and the burden shifted to the Assessing Officer to identify specific discrepancies; absent such rebuttal, additions treating share capital and premium as unexplained were deleted. Because the substantive addition was vacated on its merits, any consequential penalty premised on that addition was also held unsustainable and deleted. Case-Laws Income Tax Fri, 21 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466604