https://www.taxtmi.com/caselaws?id=466644 Issue concerns addition under Section 68 as unexplained share capital and share premium. Assessee produced audited financials, bank records, tax acknowledgements, allotment advices and relevant registrations to establish identity, creditworthiness and genuineness of subscribers. AO relied on non-appearance of summoned directors under Section 131 without identifying documentary defects or conducting independent enquiries; appellate order was non-speaking. Tribunal applied the principle that cogent documentary evidence shifts the onus to the revenue to verify and point out deficiencies, and that sums accepted or taxed in subscribers' hands cannot be double-added; addition was deleted. en-us Tue, 26 Sep 2023 00:00:00 +0530 Fri, 13 Feb 2026 17:37:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466644 Issue concerns addition under Section 68 as unexplained share capital and share premium. Assessee produced audited financials, bank records, tax acknowledgements, allotment advices and relevant registrations to establish identity, creditworthiness and genuineness of subscribers. AO relied on non-appearance of summoned directors under Section 131 without identifying documentary defects or conducting independent enquiries; appellate order was non-speaking. Tribunal applied the principle that cogent documentary evidence shifts the onus to the revenue to verify and point out deficiencies, and that sums accepted or taxed in subscribers' hands cannot be double-added; addition was deleted. Case-Laws Income Tax Tue, 26 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466644