Contemporaneous filings and independent verification can rebut s.68 unexplained share premium addition despite directors not attending s.131 summons

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....HC dismissed the revenue's addition under s.68 and allowed the assessee's appeal. The court held that where share allotment and premium were recorded contemporaneously with statutory filings and independent verification identified subscribers and traced funds, the AO could not, merely because directors failed to attend summons under s.131, conclude absence of any explanation under s.68. Applying the second proviso to s.68, the tribunal's and appellate authority's concurrent factual findings-that subscribers were identified, source of funds was established, and explanations were sufficient-were not perverse. In those circumstances the AO's subjective disbelief was unsustainable and the addition as unexplained credit was reversed.....