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SC slams lower authorities for deleting sec. 68 additions on share premium relying on assessee’s evidence

March 6, 2019[2019] 103 taxmann.com 48 (SC)
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IT : Supreme Court reverses order of lower Authorities holding that where there was failure of assessee to establish credit worthiness of investor companies, Assessing Officer was justified in passing assessment order making additions under section 68 for share capital / premium received by assessee company. Merely because assessee company had filed all primary evidence, it could not be said that onus on assessee to establish credit worthiness of investor companies stood discharged

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