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2011 (10) TMI 675 - ITAT DELHIAddition u/s 68 - share application money - proof of identity of the subscribers - Held that:- AO did not bring any material on record, suggesting that the six parties provided accommodation entries to the assessee and that the money received from these parties was ,in fact, the assessee's own undisclosed income , routed back in the guise of share application. As the assessee submitted copies of share application forms, containing names, addresses, PAN, Bank details and confirmations of the investors. In these circumstances, addition deleted while holding that the assessee discharged the initial onus of establishing the identity of the subscribers and the bonafide of the transactions. - Decided in favour of assessee.
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