https://www.taxtmi.com/caselaws?id=787731 Whether share capital/share premium treated as unexplained cash credit was examined by assessing whether the assessee discharged the initial onus by proving identity, creditworthiness and genuineness of subscribers through PAN, allotment forms, bank statements, ITRs and audited accounts; the appellate authority found subscribers traceable taxpayers with substantive net worth and a clear banking trail, noted that many subscribers were assessed, and held that burden shifted to Revenue. The authority further observed that the Assessing Officer's verification powers were not shown to have been effectively exercised and that making a second addition would amount to double addition; result: addition deleted and appeal dismissed. en-us Fri, 06 Mar 2026 00:00:00 +0530 Tue, 10 Mar 2026 13:00:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787731 Whether share capital/share premium treated as unexplained cash credit was examined by assessing whether the assessee discharged the initial onus by proving identity, creditworthiness and genuineness of subscribers through PAN, allotment forms, bank statements, ITRs and audited accounts; the appellate authority found subscribers traceable taxpayers with substantive net worth and a clear banking trail, noted that many subscribers were assessed, and held that burden shifted to Revenue. The authority further observed that the Assessing Officer's verification powers were not shown to have been effectively exercised and that making a second addition would amount to double addition; result: addition deleted and appeal dismissed. Case-Laws Income Tax Fri, 06 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787731