https://www.taxtmi.com/caselaws?id=792967 Section 68 additions for share capital, share premium and unsecured loans were held unsustainable where the assessee produced confirmations, bank statements, income-tax records and audited accounts showing identity, genuineness and creditworthiness, and the receipts were routed through banking channels. The burden therefore shifted to the Revenue, and untested adverse material such as an inspector's report could not justify the additions. Business-linked interest expenditure and legal and professional charges were also treated as allowable because they related to financing and litigation arising from business operations. Further disallowance under section 14A, and the corresponding adjustment to book profit under section 115JB, was rejected for want of a demonstrated nexus with exempt income. en-us Mon, 18 May 2026 00:00:00 +0530 Sat, 06 Jun 2026 08:42:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792967 Section 68 additions for share capital, share premium and unsecured loans were held unsustainable where the assessee produced confirmations, bank statements, income-tax records and audited accounts showing identity, genuineness and creditworthiness, and the receipts were routed through banking channels. The burden therefore shifted to the Revenue, and untested adverse material such as an inspector's report could not justify the additions. Business-linked interest expenditure and legal and professional charges were also treated as allowable because they related to financing and litigation arising from business operations. Further disallowance under section 14A, and the corresponding adjustment to book profit under section 115JB, was rejected for want of a demonstrated nexus with exempt income. Case-Laws Income Tax Mon, 18 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792967