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2017 (3) TMI 1332 - AT - Income TaxAddition u/s 68 - Held that:- Since the credit edition has been made without any evidence by only to protect the revenue leakage, there does not arise any verification of the creditors for assessment year 2003-04 and 2004-05.Accordingly appeal filed by assessee on Limited grounds remanded stands allowed and appeal filed by the revenue stands dismissed. Addition u/s 68 -Assessment year 2006-07 to 2009-10 - assessee either offers no explanation for the credit entries in the books of accounts, or explanation offered by it, is found to be unsatisfactory - Held that:- We are of the considered opinion that might have Ld. AO the Ld.CIT (A) has made any enquiry towards the amount credited in the books of the either as share capital or as sale of shares which is in the profit and loss account. The Ld.Counsel and Ld. CIT. DR, agreed that such enquiries can only be conducted at the level of Ld. AO. Therefore we set aside the issue for examination of cash credits either as share capital and premium or as sale of shares from back to the file of Ld. AO. The Ld. AO shall 1st grant an opportunity to assessee to discharge its initial onus by providing the identity, creditworthiness and most importantly genuineness of the transactions as per section68 of the act. After the discharge of initial onus by assessee, the Ld. AO may conduct any enquiry that he may deem fit and proper to inquire about the veracity of the evidences/information submitted by the assessee in respect of the credit entries. Ld. AO may take all necessary steps in order to identify, examine the creditors and decide the issue on merits neatest say that adequate opportunity may be granted to the assessee to support the case.
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