https://www.taxtmi.com/caselaws?id=792280 A public limited company discharged its initial burden under section 68 by furnishing primary particulars of share applicants, including identities, PAN, addresses and allotment details; in the absence of any independent inquiry or subscriber verification by the revenue, the share capital could not be treated as unexplained on suspicion, so the addition was deleted. The ad hoc 25% disallowance of business expenses under section 37(1) was also deleted because the ledger-supported outgoings showed no specific defect, falsity or personal element, and a blanket estimate without item-wise inadmissibility was impermissible. en-us Wed, 20 May 2026 00:00:00 +0530 Tue, 26 May 2026 08:24:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792280 A public limited company discharged its initial burden under section 68 by furnishing primary particulars of share applicants, including identities, PAN, addresses and allotment details; in the absence of any independent inquiry or subscriber verification by the revenue, the share capital could not be treated as unexplained on suspicion, so the addition was deleted. The ad hoc 25% disallowance of business expenses under section 37(1) was also deleted because the ledger-supported outgoings showed no specific defect, falsity or personal element, and a blanket estimate without item-wise inadmissibility was impermissible. Case-Laws Income Tax Wed, 20 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792280