https://www.taxtmi.com/caselaws?id=792258 Section 68 cannot be invoked where the audited accounts show no fresh share application money or share premium credited in the relevant year and the amount remains only as an opening balance. The core factual inquiry is whether there was any new credit or transaction during the year; if the balance is merely carried forward, no explanation of a non-existent receipt is required. An addition sustained only because of non-compliance before the Assessing Officer, without examining the audited balance sheets and the taxpayer's factual contention, is unsustainable. The matter remains subject to verification of the audited accounts produced. en-us Thu, 30 Apr 2026 00:00:00 +0530 Tue, 26 May 2026 08:24:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792258 Section 68 cannot be invoked where the audited accounts show no fresh share application money or share premium credited in the relevant year and the amount remains only as an opening balance. The core factual inquiry is whether there was any new credit or transaction during the year; if the balance is merely carried forward, no explanation of a non-existent receipt is required. An addition sustained only because of non-compliance before the Assessing Officer, without examining the audited balance sheets and the taxpayer's factual contention, is unsustainable. The matter remains subject to verification of the audited accounts produced. Case-Laws Income Tax Thu, 30 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792258