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2019 (1) TMI 1847 - AT - Income TaxUnexplained cash credit u/s 68 - onus upon the assessee to discharge the burden so cast upon - HELD THAT:- Commissioner of Income Tax (Appeal) found that the assessee discharged the primary onus cast upon it by offering complete explanation of the transaction of the share application money and proved the identity, genuineness and creditworthiness of investing companies, which are the essential conditions provided under section 68 - Assessing Officer made independent enquiry by issuing notices under section 133(6) of the Act to the share applicant and they have complied with the same by submitting necessary details, meaning thereby, the assessee also explained the source of funds. Thus, we are in agreement with the conclusion drawn by the Ld. Commissioner of Income Tax (Appeal) and find no infirmity in the same. In the present appeal, the necessary documents were duly filed by the investors and responded to the notices issued under section 133(6) of the Act.The copy of the share application form, copy of confirmation of share holders, copy of bank statement, copy of PAN card and annual report of the company with respect to M/s Alka Securities Ltd. are available - Identical documents are available with respect to M/s Alpha Graphics India Ltd. and Alka Broking Ltd.. Similarly, identical documents are available in the paper book, filed by the assessee with respect to remaining investing companies/entities. It is not the case that new document has been filed before the Tribunal for the first time. The material facts available on record clearly established that the requirement of section 68 has been duly fulfilled by the assessee. - Decided against revenue.
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