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2012 (10) TMI 319 - ITAT, DELHIAddition u/s 68 on account of share capital received from alleged six parties - Revenue opined such share applicants to be entry operator - Held that:- Assessee issued share capital to 25 different share applicants and AO chose to add amount in respect of six applicants. It has not been denied that PAN & ITR, balance-sheet, confirmation and addresses of the share applicants were furnished by the assessee. Though assessee could not file bank statements in respect of six share applicants, it cannot be the sole reason for making the addition u/s 68 ignoring the other evidence which establishes the identity, creditworthiness and genuineness of transactions. It is undisputed that Rs 14 lacs have been received by banking channels in earlier year i.e. A.Y. 2004-05 and the remaining Rs. 1 lac in one year. Since assessee has discharged its onus cast by S68 in establishing the identity and creditworthiness of share applicants and genuineness of the transaction. Mere fact of cash deposits for withdrawals in the hands of the share applicants cannot justify the addition - Decided against Revenue
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