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2017 (1) TMI 1294 - AT - Income TaxUndisclosed cash credit - Held that:- It is well-settled law that onus of substantiating the facts, as alleged by assessee, squarely lies on assessee and not on Assessing Officer. It was for the assessee to substantiate its claim that the shares were worth so much that it could fetch premium of ₹ 900/-. Moreover, it was for the assessee to establish that the two companies had sufficient net worth to acquire shares. Since assessee has failed on all fours, therefore, mere filing of confirmation from these two parties was of little significance. Ld. counsel has submitted that shares were issued at premium to other concerns also for which Assessing Officer had not made any addition. In this regard, it may point out that in the second round of proceedings Tribunal has to examine the issue in the light of observations made in first round of proceedings. Moreover, it is not necessary that because Assessing Officer accepted the credit worthiness in case of other shareholder-companies, he should have accepted in case of the two impugned shareholders also. Therefore, do not find any force in this submission of assessee. - Decided against assessee
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