https://www.taxtmi.com/caselaws?id=466943 Application of Section 68 concerned whether share capital and premium credit can be sustained where the assessee produced documentary evidence of identity, source of funds and creditworthiness for individual and corporate subscribers; tribunal applied the principle that an assessee who discharges the initial evidential onus by producing credible documents shifts the burden to the revenue to undertake specific enquiries and point out defects. The authorities below relied on non appearance of some subscribers without identifying deficiencies or performing further verification; consequence: the addition of the credited amounts was deleted and the appeal allowed for the assessee. en-us Tue, 14 May 2024 00:00:00 +0530 Thu, 26 Feb 2026 17:23:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466943 Application of Section 68 concerned whether share capital and premium credit can be sustained where the assessee produced documentary evidence of identity, source of funds and creditworthiness for individual and corporate subscribers; tribunal applied the principle that an assessee who discharges the initial evidential onus by producing credible documents shifts the burden to the revenue to undertake specific enquiries and point out defects. The authorities below relied on non appearance of some subscribers without identifying deficiencies or performing further verification; consequence: the addition of the credited amounts was deleted and the appeal allowed for the assessee. Case-Laws Income Tax Tue, 14 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466943