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2012 (5) TMI 103 - HC - Income TaxUnexplained credits - Section 68 - Onus to be discharged – Held that:- amount invested by the share holder company is duly appearing in its audited balance sheets of various years as Investment in unquoted equity shares and such balance sheets were also signed by the directors of the said shareholder company including Mr. Anil Kumar Gupta. - assessees have proved the share capital with overwhelming evidence and there is no adverse legally admissible evidence in possession of Revenue. - Revenue has accepted that the investment has been made by Welcome Coir Industries Limited in the assessees which is evidence from the assessment orders of Welcome Coir Industries Limited placed in the paper book. - Decided against the revenue.
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