https://www.taxtmi.com/caselaws?id=469922 Section 68, as amended for closely held companies, requires proof of investor identity, creditworthiness, genuineness of the transaction, and the source of the source for share capital and share premium. The text states that the Assessing Officer did not make adequate verification of the investors and lenders, and that the material before the Principal Commissioner raised serious doubts about creditworthiness, bank credits, and the ability of several subscribers to make the stated investments. On that basis, the assessment was treated as having been completed without the enquiries required by law, so revision under section 263 was considered valid. en-us Thu, 12 Feb 2026 00:00:00 +0530 Wed, 08 Jul 2026 20:43:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469922 Section 68, as amended for closely held companies, requires proof of investor identity, creditworthiness, genuineness of the transaction, and the source of the source for share capital and share premium. The text states that the Assessing Officer did not make adequate verification of the investors and lenders, and that the material before the Principal Commissioner raised serious doubts about creditworthiness, bank credits, and the ability of several subscribers to make the stated investments. On that basis, the assessment was treated as having been completed without the enquiries required by law, so revision under section 263 was considered valid. Case-Laws Income Tax Thu, 12 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469922