S.68 IT Act | Whether Assessee Discharged Burden To Substantiate Identity & Genuineness Of Share Application Money Is 'Question Of Fact', Not Law: Gauhati HC

The Gauhati High Court held that the burden of proof for the identity and genuineness of share application money lies with the assessee under Section 68 of the Income Tax Act. The Court ruled that the issue is a question of fact and cannot be treated as a matter of law. The Court emphasized that the assessee must substantiate the source of funds and ensure proper documentation to validate the share application. This ruling underscores the importance of maintaining transparency in financial transactions and adhering to tax reporting requirements.