https://www.taxtmi.com/caselaws?id=471719 Section 68 requires an assessee to establish investors' identity, financial capacity and the genuineness of share capital and share-premium transactions. The shareholders did not independently respond to notices, and the assessee did not provide adequate material on major investors' financial capacity or sources of investment. It also failed to explain the valuation and basis for the substantial share premium. One investor's disclosed income was disproportionate to the investment, while documentation for other investors was inadequate. Consequently, the assessee did not discharge its evidentiary onus, and the addition for unexplained share capital and share premium remained sustained. en-us Wed, 09 Apr 2025 00:00:00 +0530 Tue, 15 Sep 2026 19:00:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471719 Section 68 requires an assessee to establish investors' identity, financial capacity and the genuineness of share capital and share-premium transactions. The shareholders did not independently respond to notices, and the assessee did not provide adequate material on major investors' financial capacity or sources of investment. It also failed to explain the valuation and basis for the substantial share premium. One investor's disclosed income was disproportionate to the investment, while documentation for other investors was inadequate. Consequently, the assessee did not discharge its evidentiary onus, and the addition for unexplained share capital and share premium remained sustained. Case-Laws Income Tax Wed, 09 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471719