https://www.taxtmi.com/caselaws?id=788587 Section 68 applied to share application money credited in the assessee's books in assessment year 1997-98, because the statutory burden arises in the year of credit and not merely when money is said to have been physically received earlier. The assessee failed to prove the investors' identity, creditworthiness and genuineness of the transaction, as no cogent supporting material such as balance sheets was produced to establish the source of funds or financial capacity of the four entities. On that factual basis, the addition was sustained as legally valid in assessment year 1997-98. en-us Fri, 20 Mar 2026 00:00:00 +0530 Wed, 25 Mar 2026 08:49:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=788587 Section 68 applied to share application money credited in the assessee's books in assessment year 1997-98, because the statutory burden arises in the year of credit and not merely when money is said to have been physically received earlier. The assessee failed to prove the investors' identity, creditworthiness and genuineness of the transaction, as no cogent supporting material such as balance sheets was produced to establish the source of funds or financial capacity of the four entities. On that factual basis, the addition was sustained as legally valid in assessment year 1997-98. Case-Laws Income Tax Fri, 20 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=788587