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2022 (5) TMI 727 - ITAT MUMBAIUnexplained cash credit in view of section 68 - three ingredients as liable to be proved on behalf of the assessee i.e. Identity of the shareholder, Genuineness of the transaction & Credit worthiness of the shareholder - HELD THAT:- The assessee has given the address, PAN, certificate of incorporation, Memorandum and Articles of Association of the above subscriber who have subscribed to the shares. To prove the creditworthiness of the subscribers, the appellant has submitted the certificate of source of fund, balance-sheet, Profit & Loss A/c and Return of income of share applicants. To prove the Genuineness of above share transaction, appellant has submitted, Copy of Cheque, Copy of Cheque Deposit Slip, Copy of Bank Statement of M/s. Moongipa, Copy of Share Certificate Counterfoil, Copy of Extract of Minutes of BOD Meeting, Copy of source of Funds Certificate, Copy of ITR Acknowledgement, Copy of Audit Report along with Balance-Sheet, Copy of Certificate of Incorporation, Copy of Memorandum & Articles of Association & Company Master Data showing status active. The facts of the present case are quite identical to the facts of the assessee’s own case and other sister concern cases M/S. SHIVA SHAKTI ENCLAVES PVT LTD. [2021 (6) TMI 325 - ITAT MUMBAI], M/S MOONGIPA DEV. & INF. LTD. [2021 (5) TMI 156 - ITAT MUMBAI] and M/S. MOONGIPA DEVELOPMENT AND INFRASTRUCTURE LTD. [2020 (12) TMI 768 - ITAT MUMBAI], M/S BINI BUILDERS P. LTD. [2021 (5) TMI 186 - ITAT MUMBAI] and M/S. BINI BUILDERS PVT. LTD. [2020 (3) TMI 595 - ITAT MUMBAI]. Thus we delete the addition and decide this issue in favour of the assessee against the revenue.
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