https://www.taxtmi.com/caselaws?id=797998 Share capital and share premium additions as unexplained cash credits cannot rest solely on subscribers' non-response to verification notices where the taxpayer has furnished names, addresses, PANs, bank details, tax returns and audited financial statements establishing identity, creditworthiness and genuineness. Effective contrary inquiry is required before disregarding that material; the addition was therefore deleted. For assessment years preceding 2021-22, the amended reassessment regime preserves the earlier limitation period. The extended limitation cannot revive reassessment proceedings already time-barred under the former six-year period, rendering the reassessment notice and consequential proceedings invalid. en-us Tue, 04 Aug 2026 00:00:00 +0530 Tue, 01 Sep 2026 08:26:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=797998 Share capital and share premium additions as unexplained cash credits cannot rest solely on subscribers' non-response to verification notices where the taxpayer has furnished names, addresses, PANs, bank details, tax returns and audited financial statements establishing identity, creditworthiness and genuineness. Effective contrary inquiry is required before disregarding that material; the addition was therefore deleted. For assessment years preceding 2021-22, the amended reassessment regime preserves the earlier limitation period. The extended limitation cannot revive reassessment proceedings already time-barred under the former six-year period, rendering the reassessment notice and consequential proceedings invalid. Case-Laws Income Tax Tue, 04 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=797998