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2022 (2) TMI 1024 - ITAT DELHIAddition u/s 68 - assessee could not substantiate the identity and creditworthiness of the Investor Companies and the genuineness of the transaction and the reason for charging huge premium - HELD THAT:- It is the settled proposition of law that for allowing a cash credit, the onus is always on the assessee to substantiate with evidence to the satisfaction of the A.O. regarding the identity and creditworthiness of the Investor/Share applicants and the genuineness of the transaction. In the instant case, despite numerous opportunities granted by the A.O, the assessee failed to substantiate with evidence to his satisfaction regarding the identity and creditworthiness of the share applicants and the genuineness of the transaction. It is also not understood as to how the assessee company was able to get share premium of ₹ 49,990/- per share for a ₹ 10/- per share when it is not doing any worthwhile business. Even before the Ld. CIT(A), despite number of opportunities granted, the assessee never bothered to appear before her and was seeking adjournment under one pretext or the other just to derail the appeal process Assessee failed to substantiate the identity and creditworthiness of the share applicants/ investors and the genuineness of the transaction and the reason for charging huge premium of ₹ 49,990/- per share of ₹ 10/-, we do not find any infirmity in the order of the Ld. CIT(A) in upholding the addition made by the A.O. - Decided against assessee.
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