https://www.taxtmi.com/caselaws?id=791263 Share capital and share premium receipts were held not taxable under section 68 where the assessee produced PAN details, confirmations, bank statements, share application records, ROC filings and financial statements showing the investors' identity, creditworthiness and transaction genuineness. Once that primary evidence was furnished, the burden shifted to the Revenue to rebut it with cogent material. Mere non-appearance of subscribers to summons, reliance on an uncorroborated entry-operator statement, or use of material without effective cross-examination was insufficient. The share premium level, by itself, did not justify an adverse inference for the relevant year. The addition was directed to be deleted. en-us Wed, 06 May 2026 00:00:00 +0530 Fri, 08 May 2026 07:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=791263 Share capital and share premium receipts were held not taxable under section 68 where the assessee produced PAN details, confirmations, bank statements, share application records, ROC filings and financial statements showing the investors' identity, creditworthiness and transaction genuineness. Once that primary evidence was furnished, the burden shifted to the Revenue to rebut it with cogent material. Mere non-appearance of subscribers to summons, reliance on an uncorroborated entry-operator statement, or use of material without effective cross-examination was insufficient. The share premium level, by itself, did not justify an adverse inference for the relevant year. The addition was directed to be deleted. Case-Laws Income Tax Wed, 06 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=791263