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2014 (4) TMI 812 - ITAT DELHIDeletion made u/s 68 of the Act – Onus to prove – Creditworthiness of the creditors – Held that:- The assessee has given the confirmation in respect of all the creditors, copy of their income tax returns, identity proof, PAN proof, balance sheet, copy of bank statement as well as source of funds from where they invested in the share capital - the onus is upon the assessee to prove the credit in his books of account - To discharge such onus, the assessee has to establish the identity of the creditor, the creditworthiness of the creditor and genuineness of the transaction - the identity of the share applicants cannot be doubted - All the money has come by cheque, all the share applicants have confirmed the same and the amount is duly debited in the share applicants' bank account - the genuineness of the transactions also cannot be doubted - the capital of each and every creditor is much more than the investment made by him in the share capital - The amount has duly been disclosed in their balance sheet which is also furnished by the assessee before the AO - the assessee was able to discharge the onus of proving the credit in the form of share application money of its books of account – thus, there was no infirmity in the order of the CIT(A) – Decided against Revenue.
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