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2017 (9) TMI 116 - AT - Income TaxAddition u/s 68 - onus of proving the claim - Held that:- It is well settled law that onus of proving the claim is initially on the assessee but the burden shifts on the A.O. when the assessee discharged its primary onus. In the present case, the assessee had fully discharged its primary onus by submitting the relevant and cogent evidences before A.O. to establish the genuineness of the transaction in the matter. The A.O. however, did not do so anything in the matter and has not pointed out how the claim of assessee was factually incorrect. Simply because the share applicant company did not have sufficient income would not prove the case of the A.O. because the share applicant company has huge worth to make investment in assessee-company. The assessee thus, proved the identity of share applicant, its creditworthiness and genuineness of the transaction in the matter. - Decided in favour of assessee.
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