https://www.taxtmi.com/caselaws?id=789403 Share application money is not to be treated as unexplained cash credit under section 68 where the assessee produces primary documentary evidence such as PAN details, income-tax returns, bank statements, ROC filings, board resolutions and shareholding particulars to establish identity, creditworthiness and genuineness. If no adverse material is brought and no effective enquiry is made by the Revenue, the initial burden stands discharged and the onus shifts to the Revenue. Interest expenditure under section 36(1)(iii) is not disallowable where the borrowings are shown to relate to business-linked work-in-progress for plant and machinery and no contrary factual basis is established. en-us Wed, 25 Mar 2026 00:00:00 +0530 Wed, 08 Apr 2026 08:56:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=789403 Share application money is not to be treated as unexplained cash credit under section 68 where the assessee produces primary documentary evidence such as PAN details, income-tax returns, bank statements, ROC filings, board resolutions and shareholding particulars to establish identity, creditworthiness and genuineness. If no adverse material is brought and no effective enquiry is made by the Revenue, the initial burden stands discharged and the onus shifts to the Revenue. Interest expenditure under section 36(1)(iii) is not disallowable where the borrowings are shown to relate to business-linked work-in-progress for plant and machinery and no contrary factual basis is established. Case-Laws Income Tax Wed, 25 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=789403