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2010 (11) TMI 196 - AT - Income TaxAddition of income – On account of unexplained cash credit of Rs. 6.20 crore - During the period under consideration the assessee has received a small miscellaneous income, but the assessee company raised its issued subscribed and paid up capital from Rs. 10,00,000 to Rs. 3,10,00,000 and increased the reserve and surplus from Rs. 10,00,000 to Rs. 3,10,00,000 as per balance sheet as on 31-3-2004 - The assessee was asked to prove the genuineness of the transaction during the assessment proceedings repetitively - In the absence of non-compliance of conditions of Rule 46A, there was no reason to take into consideration such evidences at the appellate stage - The onus was upon the assessee to prove its case and such onus is not discharged - In the absence of any documentary evidence in support of the transaction made for increasing the share capital, reserve and surplus total amounting to Rs. 6,20,00,000 authorities below have rightly considered the same as unexplained cash credit made by the assessee during assessment year under appeal – Decided against the assessee.
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