Principal Commissioner Of Income ... vs Nra Iron And Steel Pvt. Ltd. Through ...

The Supreme Court addressed the burden of proof regarding the credit of share capital in the books of an assessee company. It held that the onus lies on the assessee to provide credible evidence of the identity of the investors, their creditworthiness, and the genuineness of the transactions. The court upheld the High Court's decision, emphasizing the necessity for the Assessing Officer to be satisfied with the evidence presented by the assessee.