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2012 (11) TMI 752 - ITAT DELHIAddition on account of share capital u/s 68 of the I.T. Act - credit worthiness and identity of creditors and genuineness of the transactions – Held that:- After the assessee filed the requisite details of the share applicant companies as far as the onus upon the assessee is concerned it stood discharged - initially in proceedings considering the issue u/s 68 the initial burden of proof lies upon the assessee yet once he proves the identity of the creditors/share applicants by either furnishing their PAN numbers or Income tax assessment number and shows the genuineness of the transaction by showing money in his books either by account payee cheque or by draft or by any other mode then the onus of proof would shift to the Revenue. AO of the assessee cannot take the burden of assessing the profit and loss account of the creditor when admittedly the creditor himself is an income tax assessee. After getting the PAN number and getting the information that the creditor is assessed under the Act, the AO should enquire from the AO of the creditor as to the genuineness of the transaction and whether such transaction has been accepted by the AO of the creditor but instead of adopting such course, the AO himself could not enter into the return of the creditor and brand the same as unworthy of credence – in favor of assessee
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