https://www.taxtmi.com/caselaws?id=470287 Share subscriptions supported by PANs, confirmations, source-of-funds records, bank statements, corporate documents, tax returns and audited financial statements establish investor identity, creditworthiness and transaction genuineness; directors' non-appearance under summons alone does not displace that evidence for unexplained cash credit purposes. The notes also state that expenditure disallowance attributable to exempt income cannot arise where no exempt income was earned during the relevant year. Accordingly, the discussed ITAT analysis supports deletion of both the addition for share capital and premium and the disallowance under the exempt-income expenditure rules. en-us Tue, 08 Aug 2023 00:00:00 +0530 Wed, 22 Jul 2026 14:41:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470287 Share subscriptions supported by PANs, confirmations, source-of-funds records, bank statements, corporate documents, tax returns and audited financial statements establish investor identity, creditworthiness and transaction genuineness; directors' non-appearance under summons alone does not displace that evidence for unexplained cash credit purposes. The notes also state that expenditure disallowance attributable to exempt income cannot arise where no exempt income was earned during the relevant year. Accordingly, the discussed ITAT analysis supports deletion of both the addition for share capital and premium and the disallowance under the exempt-income expenditure rules. Case-Laws Income Tax Tue, 08 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470287