https://www.taxtmi.com/caselaws?id=790307 Share application money and share premium are taxable under section 68 where the assessee fails to prove the investors' identity, creditworthiness and genuineness on the basis of surrounding circumstances, bank trail and human probability; mere filing of confirmations, returns and bank statements may be insufficient where accommodation-entry indicators and non-production of directors exist. Penalty under section 271(1)(c) is not automatic from a sustained quantum addition, because a fact-based inference on disputed evidence does not by itself establish concealment or furnishing of inaccurate particulars. The ruling highlights that section 68 demands a substantive evidentiary discharge, while penalty requires an independent showing of culpable conduct. en-us Tue, 17 Mar 2026 00:00:00 +0530 Wed, 22 Apr 2026 17:59:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=790307 Share application money and share premium are taxable under section 68 where the assessee fails to prove the investors' identity, creditworthiness and genuineness on the basis of surrounding circumstances, bank trail and human probability; mere filing of confirmations, returns and bank statements may be insufficient where accommodation-entry indicators and non-production of directors exist. Penalty under section 271(1)(c) is not automatic from a sustained quantum addition, because a fact-based inference on disputed evidence does not by itself establish concealment or furnishing of inaccurate particulars. The ruling highlights that section 68 demands a substantive evidentiary discharge, while penalty requires an independent showing of culpable conduct. Case-Laws Income Tax Tue, 17 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=790307