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2019 (7) TMI 1864 - AT - Income TaxAddition u/s 68 as unexplained cash credit - Bogus share application money received by the assessee - HELD THAT:- It is well settled that in order to discharge the onus u/s 68 of the, the assessee must prove the identity of the creditor, the capacity of the creditor to advance money; and the genuineness of transaction. It is also well settled that after the assessee has adduced evidence to establish prima facie the aforesaid, the onus shifts to the department - assessee filed before the AO the relevant details and supporting documents with regard to issue of shares at a premium. A perusal of the assessment order clearly indicates that the AO without making any sort of inquiry has rejected the evidence filed by the assessee on the basis of conjectures and assumptions. Facts being so, we confirm the order of the Ld. CIT(A). Appeal filed by the revenue is dismissed. Reopening of assessment u/s 147 - want of approval of satisfaction for re-opening the case from the competent authority as required u/s 151 - HELD THAT:- In the instant case, the return of income originally filed by the assessee on 30.09.2009 was processed u/s 143(1) of the Act -In the instant case, the AO has rightly issued notice u/s 148 for reopening the return of income processed u/s 143(1) of the Act. Accordingly we dismiss the cross-objection filed by the assessee.
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