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2015 (10) TMI 2011 - AT - Income TaxAddition under section 68 - unexplained share application money - CIT(A) deleted the addition - Held that:- CIT(A) granted relief to the assessee on the basis of remand report of the AO and other relevant and supportive evidence and documents and the CIT(A) also considered surrounding circumstances and correctly reached to a conclusion that the CIT(A) has discharged its onus cast upon him u/s 68 of the Act by establishing the identity of the investors, along with their creditworthiness and genuineness of the transaction. We may also point out that the case of the assessee was selected for scrutiny through CASS and it is not the case of scrutiny at the instance of Investigation Wing or any other revenue intelligence agency. Finally, respectfully following the ratio of the decision of Allahabad High Court in the case of CIT vs M/s Kaiser Construction & Engineers (2013 (2) TMI 701 - ITAT AGRA) about the acceptability and reliability of the remand report favoring the assessee and judgment of Hon’ble Supreme Court in the case of CIT vs Lovely Export (P) Ltd. (2008 (1) TMI 575 - SUPREME COURT OF INDIA) and CIT vs Anshika Consultants Pvt. Ltd. (2015 (4) TMI 842 - DELHI HIGH COURT), we have no hesitation to hold that in the extant case the identity of the investors, genuineness of the transaction and the creditworthiness of the share applicants have been established by the assessee by way of submission of particulars of the share applicants along with copies of the balance sheets, statement of bank account, income tax reports and PAN details etc. and the onus was shifted on the AO to demolish these supportive evidence and documents. AO himself in his remand report dated 23.5.11 concluded that all the share applicants are existing assesses and the contention/explanation in regard to the impugned contribution appears to be correct - Decided against revenue.
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