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2019 (4) TMI 198 - AT - Income TaxAddition u/s 68 - unexplained share application money received from the Holding Company - identity of the Investor, its creditworthiness and the genuineness of the transaction - assessee-company has even explained the source of the source - ultimate beneficiary of the unaccounted funds - Held that:- Burden upon assessee-company u/s 68 to prove the identity of the Investor, its creditworthiness and the genuineness of the transaction, have been proved by the assessee-company, which have been correctly appreciated and accepted by the CIT(A) for the purpose of deleting the addition. No addition could be made merely on presumption as has been done in the present case. Since the similar addition have been deleted by the CIT(A) in assessment year 2004- 2005 and the Departmental Appeal have been dismissed by the Tribunal and similar addition have been deleted in the case of Mr. Suresh Nanda by ITAT on substantive basis and the Order is confirmed by the Hon’ble Delhi High Court, therefore, the issue is covered in favour of the assessee by the Order of the Tribunal in its own case as well as in the case of Mr. Suresh Nanda [2015 (5) TMI 938 - DELHI HIGH COURT]. Therefore, there is no justification to make the addition against the assessee-company. - decided in favour of assessee.
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