https://www.taxtmi.com/caselaws?id=467586 Share application money could not be treated as unexplained under section 68 where the assessee produced names, addresses, PAN, bank statements, income-tax returns, confirmations and balance sheets of the subscribers. These documents were sufficient to discharge the initial onus on identity, creditworthiness and prima facie genuineness of the share capital. The Assessing Officer could not rely only on the Inspector's inability to locate some parties or on the subscribers' low declared income; further verification, including inquiry through the subscribers' assessing officers, was required before making an addition. The deletion of the addition was upheld. en-us Mon, 04 Jul 2016 00:00:00 +0530 Wed, 25 Mar 2026 12:40:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467586 Share application money could not be treated as unexplained under section 68 where the assessee produced names, addresses, PAN, bank statements, income-tax returns, confirmations and balance sheets of the subscribers. These documents were sufficient to discharge the initial onus on identity, creditworthiness and prima facie genuineness of the share capital. The Assessing Officer could not rely only on the Inspector's inability to locate some parties or on the subscribers' low declared income; further verification, including inquiry through the subscribers' assessing officers, was required before making an addition. The deletion of the addition was upheld. Case-Laws Income Tax Mon, 04 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467586