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2014 (8) TMI 1157 - HC - Income TaxAddition u/s 68 - discharge of onus with regard to share application money received from 5 different parties - Held that - Identity of the 5 parties investing in the share capital is not in doubt - They are body corporates and their complete addressees are on record. This is the very first assessment in the life of the assessee company. The amounts were deposited by these 5 corporates per account payee cheques. These parties were not shareholders of the assessee company at the time when the case was reopened u/s 147 or when the summons were issued to them. The assessee has filed before the A.O. copies of share application forms duly signed along with the complete addresses of the investors along with their I.T. file numbers account payee cheque numbers and the assessee s bank statements disclosing the deposits of these amounts. The assessee has discharged its initial onus to prove the identity of the investors as well as their creditworthiness. It is not the case of the Revenue that the investor parties did not exist or that the money was not invested by them through banking channels. Having found such the Tribunal had relied on the judgement in Hindusthan Tea Trading Co.Ltd. v. CIT (2003 (3) TMI 53 - CALCUTTA HIGH COURT) to uphold the order of the CIT. No substantial question of law arises
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