Unexplained cash credit deleted if genuineness, creditworthiness of investors established. Taxing authorities can claim dues during IBC resolution/liquidation.

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....Unexplained cash credit u/s. 68 - Identity, genuineness, and creditworthiness of investors established for share capital and premium raised through preferential issue. CIT(A) rightly deleted addition. Addition u/s. 14A - Assessee's own funds higher than investments yielding exempt income. CIT(A) correctly deleted addition based on HDFC Bank case. Determination of tax dues for corporate debtor under IBC - Taxing authorities can stake claim before resolution professional/liquidator within IBC timeline. Proactive approach substantiates claim through waterfall mechanism. CBDT to issue directions to avoid extinction of public dues during insolvency/liquidation.....