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2014 (7) TMI 591 - ITAT DELHIAddition made u/s 68 of the Act - Genuineness and creditworthiness of the transaction – Assessee contended that the amount received against the sale of shares – Held that:- AO has given clear finding that cash of ₹ 2,50,000/- and ₹ 2,34,000/- was deposited in the Saving Bank Accounts of Smiranjeet Kaur and Shri Raghubir Singh respectively on 18.10.2008 when the cheque issued to the assessee company was cleared- onus lies on the assessee to establish the genuineness and creditworthiness of the transaction – CIT(A) was of the view that the AO had made efforts to ascertain the correctness of assessee’s debt and came to the conclusion that both the persons did not have the capacity to give these amounts to the assessee - the transaction was not genuine and represented bogus accommodation entries - The assessee had claimed to have received huge amounts by sale of shares - identity of the purchasers was established but that per se can not take out the transaction from the relm of inquiry about genuineness of transaction and creditworthiness of the purchaser - AO has clearly demonstrated, considering the creditworthiness of purchasers, that the cash was deposited in their accounts which had its source from the assessee as he had benefitted by the deposit of cash and adverse inference has to be drawn against the assessee – Decided against Assessee.
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