Supreme Court Allows Revenue's Appeal in Share Capital/Premium Case — Assessee Failed to Prove Identity, Creditworthiness, and Genuineness of Investors Under Section 68 of Income Tax Act. The onus under Section 68 is on the assessee to establish the identity, creditworthiness, and genuineness of transactions; mere production of documents is insufficient when investor companies are non-existent or unresponsive.
1 Jan 2019The present appeal arises from a judgment of the Delhi High Court in an income tax appeal concerning the assessment year 2009-10. The respondent-asses...
