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2010 (3) TMI 900 - ITAT PATNA
Addition under section 68 – Cash credit - Assessing Officer noticed that the assessee had shown to have received share capital from the shareholders - When the assessee was called upon to explain the sources of investment towards share capital assessee had explained the sources of shareholders-wise deposit – Held that:- Identity of share applicants is beyond doubt and further that they have admitted to have given money to the assessee-company then onus is discharged by the assessee-company - The Assessing Officer thereafter having not brought any material on record to show that it was the assessee-company’s money which was routed back as share application money, addition cannot be sustained in its hands - assessee has discharged the initial onus put on it under section 68 of the Act and the Revenue having brought no cogent material – addition deleted