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2021 (1) TMI 221 - AT - Income TaxAddition u/s 68 - unexplained cash credit - credit worthiness of shareholders/investors to invest such huge amount - Genuineness of transactions - HELD THAT:- Admittedly, in the case on hand, the assessee has discharged its onus by furnishing the necessary details such as copy of PAN, driving license, ITR, confirmation of the parties etc. in support of identity of the parties. There is also no dispute to the fact that all the transactions were carried out through the banking channel. What is the inference that flows from a cumulative consideration of all the aforesaid contending factsis that the assessee has discharged its onus imposed under Section 68 of the Act. The details filed by the assessee was not cross verified by the Revenue from the respective parties despite having the necessary details in its possession. Thus, we are of the view, Revenue cannot go to hold the addition under Section 68 of the Act in the given facts and circumstances. - Decided in favour of assessee.
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