https://www.taxtmi.com/caselaws?id=471025 Share capital supported by share applications, allotment records, confirmations, tax and financial records, bank statements, and account-payee cheque receipts was treated as satisfactorily explained. Investor identity, creditworthiness and transaction genuineness were established; absence of dividends or later dealings did not disprove the investments. An addition could not rest substantially on a retracted third-party statement where cross-examination was denied and no independent enquiry was made from investors or subsequent shareholders. Reassessment based on investigation information identifying alleged accommodation-entry investments was valid because it constituted tangible material for a prima facie belief of income escaping assessment, without requiring conclusive proof at reopening. en-us Mon, 14 Oct 2024 00:00:00 +0530 Tue, 18 Aug 2026 21:39:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471025 Share capital supported by share applications, allotment records, confirmations, tax and financial records, bank statements, and account-payee cheque receipts was treated as satisfactorily explained. Investor identity, creditworthiness and transaction genuineness were established; absence of dividends or later dealings did not disprove the investments. An addition could not rest substantially on a retracted third-party statement where cross-examination was denied and no independent enquiry was made from investors or subsequent shareholders. Reassessment based on investigation information identifying alleged accommodation-entry investments was valid because it constituted tangible material for a prima facie belief of income escaping assessment, without requiring conclusive proof at reopening. Case-Laws Income Tax Mon, 14 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471025