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2018 (1) TMI 186 - AT - Income TaxAddition of share application money made by the AO u/s 68 - Held that:- FAA was satisfied that the assessee has discharged the initial burden of proof placed on its shoulders by sec. 68 of the Act. Once the assessee discharges the burden placed upon him, then the burden to disprove the same would shift upon the shoulders of the AO. As pointed out by Ld CIT(A), the AO has failed to discharge the burden shifted upon his shoulders. Before me, no material was placed by the revenue to contradict the findings given by Ld CIT(A). Since the Ld CIT(A) has passed an reasoned order, it is of the view that the same does not call for any interference. The Ld D.R submitted that the share applicants are paper companies, but the Assessee has shown that those companies are “active companies”. - Decided against revenue
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