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2020 (1) TMI 776 - AT - Income TaxAdditions u/s 68 - sums received from the shareholders as share capital and share premium - Discharge of initial onus - HELD THAT:- Net worth of the share applicant companies, only net worth of three companies is not available, namely, Kokila Exports, M/s Madsan Agencies P. Ltd and M/s Sudharshan Casting [P] Ltd. However, we find that the directors of these companies, namely, Shri Ajit Singh for Kokila Exports and Shri Vinay Kumar Shah for Madsan Agencies and Sudharshan Casting appeared before the directors in compliance to summons u/s 131 of the Act. We are of the considered view that the assessee has prima facie discharged the initial onus cast upon it successfully. Thus the assessee has successfully discharged the initial onus cast upon it by provisions of section 68 - Decided in favour of assessee.
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