https://www.taxtmi.com/caselaws?id=471606 Share capital and premium received through banking channels cannot be treated as unexplained cash credits where the assessee establishes subscriber identity, creditworthiness and transaction genuineness through PAN and corporate records, tax returns, confirmations, bank statements and audited financial statements. The evidentiary burden then shifts to the Revenue, and non-production of subscriber directors alone does not justify an addition absent contrary material. Section 56(2)(viib) applies only from assessment year 2013-14 and cannot be invoked retrospectively for share premium received in an earlier assessment year. The subscription receipts therefore remain accepted as genuine capital receipts. en-us Tue, 09 Jul 2024 00:00:00 +0530 Fri, 11 Sep 2026 09:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471606 Share capital and premium received through banking channels cannot be treated as unexplained cash credits where the assessee establishes subscriber identity, creditworthiness and transaction genuineness through PAN and corporate records, tax returns, confirmations, bank statements and audited financial statements. The evidentiary burden then shifts to the Revenue, and non-production of subscriber directors alone does not justify an addition absent contrary material. Section 56(2)(viib) applies only from assessment year 2013-14 and cannot be invoked retrospectively for share premium received in an earlier assessment year. The subscription receipts therefore remain accepted as genuine capital receipts. Case-Laws Income Tax Tue, 09 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471606