https://www.taxtmi.com/caselaws?id=469235 Section 68 could not be applied to share capital and share premium received in earlier assessment years, and the addition was unsustainable for that portion. For the balance amount, the assessee produced the investor's return, audited accounts, bank statements, share application form, response to notice under section 133(6), and source of funds, which sufficiently supported the transaction. The addition was not justified merely because directors of the subscriber companies did not comply with summons under section 131. The article therefore states that documentary evidence establishing the investment and source defeats an unexplained cash credit addition under section 68. en-us Tue, 04 Mar 2025 00:00:00 +0530 Wed, 10 Jun 2026 20:06:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469235 Section 68 could not be applied to share capital and share premium received in earlier assessment years, and the addition was unsustainable for that portion. For the balance amount, the assessee produced the investor's return, audited accounts, bank statements, share application form, response to notice under section 133(6), and source of funds, which sufficiently supported the transaction. The addition was not justified merely because directors of the subscriber companies did not comply with summons under section 131. The article therefore states that documentary evidence establishing the investment and source defeats an unexplained cash credit addition under section 68. Case-Laws Income Tax Tue, 04 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469235