https://www.taxtmi.com/caselaws?id=468039 Where an assessee substantiates share application money with PAN, returns, financial statements, bank statements and confirmations from the applicants, the requirements of identity, creditworthiness and genuineness are met on primary evidence. An addition under section 68 cannot then be sustained merely on the basis of an untested third-party statement recorded behind the assessee's back, especially where the statement was not confronted and no cross-examination was allowed. As the applicants responded to notices and the revenue did not show any infirmity in the materials produced, the unexplained cash credit addition was held unsustainable and deleted. en-us Tue, 12 Dec 2023 00:00:00 +0530 Thu, 16 Apr 2026 17:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468039 Where an assessee substantiates share application money with PAN, returns, financial statements, bank statements and confirmations from the applicants, the requirements of identity, creditworthiness and genuineness are met on primary evidence. An addition under section 68 cannot then be sustained merely on the basis of an untested third-party statement recorded behind the assessee's back, especially where the statement was not confronted and no cross-examination was allowed. As the applicants responded to notices and the revenue did not show any infirmity in the materials produced, the unexplained cash credit addition was held unsustainable and deleted. Case-Laws Income Tax Tue, 12 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468039