2006 (11) TMI 121 - HC - Income Tax

Share capital – cash credit – assessee co. has furnished all the necessary details such as PAN No. etc of share applicants to prove their genuineness and credit worthiness – AO has neither controverted nor disapproved the material filed by assessee and failed to react to the shifting of the burden to investigate into the creditworthiness of the share applicants - so appeal is dismissed – additions are not justified as part of share capital