Section 68 Cannot Be Invoked Merely for Non-Appearance of Share Subscribers on Presumptions

On the share capital issue, the Tribunal held that the addition of ₹55 lakh towards share capital and premium was unsustainable where the assessee had discharged its initial onus by furnishing complete documentary evidence such as names, addresses, PANs, confirmations, audited accounts and bank statements of the subscribers. Website URL: https://taxguru.in/income-tax/share-capital-addition-fails-subscriber-non-appearance.html