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2021 (9) TMI 1217 - ITAT DELHIUnexplained receipts u/s 68 - Sum received from 5 farmers and the balance sum received from the two directors of the assessee company - CIT-A deleted the addition - HELD THAT:- Assessee has discharged initial onus cast upon him to prove the identity of the depositors, creditworthiness, and the genuineness of the transaction. The learned assessing officer did not make any enquiry on the evidences filed by the assessee and further he has not also acted upon the request of the assessee for examining all the agriculturist. In view of this, we do not find any infirmity in the order of the learned CIT-A deleting the addition made in the hands of the assessee with respect to 5 agriculturists. Addition with respect to the 2 directors of the assessee company itself - AO carried out the investigation and after that the learned AO has accepted that the amount invested by the directors of the company that it satisfies the condition of proving the identity, creditworthiness, and genuineness. In view of this, we do not find any reason to upset the order of the learned CIT – A with respect to the above investment made by Mr. Gaurav Aseem, director of the company in the share capital of the company. With respect to another director Mr. Kalwa Singh share capital - this director was holding at the beginning of the year the share capital to the extent of ₹ 238,09,800. The share capital in the earlier years issued in the name of the same director has been accepted by the learned assessing officer. The assessee also provided with the permanent account number of the above director, confirmation and also the bank account of the director as well as the certificate from the bank with respect to the above share capital issued. Assessee has also produced the balance sheet of the director wherein as on 31st of March 2012 the shares in the name of the company amounting to ₹ 79,500,000 are outstanding. Therefore, it is apparent that assessee has discharged its onus of proving the identity, creditworthiness, and genuineness of the transactions. - Decided in favour of assessee.
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