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2013 (12) TMI 479 - AT - Income TaxShare application money - Held that:- The assessee has produced the bank accounts statement of the creditorsand the confirmation from the parties from which share application money was paid to the assessee - The transactions of payment of application money was through bank accounts - The Assessing Officer has not made any inquiry to prove that the evidence produced by the assessee is not correct or bogus - The assessee has furnished the complete details of the bank accounts including the amounts deposited in the bank accounts and sources of the said deposited, then the assessee has discharged its onus of proving the capacity and the sources of the application money - The assessee has refunded the entire share application money to the parties because allotment of shares could not be materialized which further strengthen the case of the assessee that the transaction is genuine - The assessee has discharged its onus of proving the identity and the capacity of the creditors as well as the genuineness of the transactions - The creditors didnot have any nexus or relation with the assessee except being investors by making payment of the application money - Decided in favour of assessee.
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