https://www.taxtmi.com/caselaws?id=470844 Share-application credits may be taxed as unexplained cash credits where the investor does not confirm or record the investment, the payment instrument lacks funds, or the taxpayer gives inconsistent particulars of the contributor. The claimed credits failed to establish the investor's identity, creditworthiness and the genuineness of the transactions, so the additions under Section 68 remained taxable. A discrepancy between book interest and Form 26AS requires bank verification and reconciliation where premature closure of fixed deposits may affect the recorded interest; the taxable difference must be determined after factual verification and hearing the taxpayer. The real income theory does not override the statutory deeming rule for unexplained book credits. en-us Thu, 19 Jan 2023 00:00:00 +0530 Tue, 11 Aug 2026 14:40:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470844 Share-application credits may be taxed as unexplained cash credits where the investor does not confirm or record the investment, the payment instrument lacks funds, or the taxpayer gives inconsistent particulars of the contributor. The claimed credits failed to establish the investor's identity, creditworthiness and the genuineness of the transactions, so the additions under Section 68 remained taxable. A discrepancy between book interest and Form 26AS requires bank verification and reconciliation where premature closure of fixed deposits may affect the recorded interest; the taxable difference must be determined after factual verification and hearing the taxpayer. The real income theory does not override the statutory deeming rule for unexplained book credits. Case-Laws Income Tax Thu, 19 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470844