https://www.taxtmi.com/caselaws?id=470287 Share subscriptions supported by PANs, confirmations, bank statements, source-of-funds certificates, tax returns, audited financial statements and subscriber assessment records establish investor identity, creditworthiness and transaction genuineness for section 68 purposes. Directors' non-appearance in response to summons, without contrary Revenue material, does not displace that evidence; the addition for share capital and premium was deleted. Where no exempt income is earned during the relevant year, no expenditure can be disallowed under section 14A read with Rule 8D; the related disallowance was also deleted. 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, bank statements, source-of-funds certificates, tax returns, audited financial statements and subscriber assessment records establish investor identity, creditworthiness and transaction genuineness for section 68 purposes. Directors' non-appearance in response to summons, without contrary Revenue material, does not displace that evidence; the addition for share capital and premium was deleted. Where no exempt income is earned during the relevant year, no expenditure can be disallowed under section 14A read with Rule 8D; the related disallowance was also deleted. Case-Laws Income Tax Tue, 08 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470287