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2023 (7) TMI 1264 - ITAT DELHIAddition u/s 68 - Bogus share transactions - as per AO companies were operated by a single person and these were not in existence, but operated by some entry provider, who issued cheques in favour of the beneficiaries in lieu of cash - HELD THAT:- As transactions have been made through banking channel, entries are duly reflected in the bank accounts of both the parties. Share applicant companies have furnished complete Income tax details alongwith their respective bank statements and it is not the case of the AO that the assessee has purchased cheque by paying cash, nor there is any allegation or suspicion on the documentary evidences furnished by the assessee. For discharging the initial onus cast by section 68 assessee has to establish (1) identity, (2) credit, worthiness and (3) genuineness of the transaction. Once the assessee proves all these three things, his onus is discharged. Facts on records show that the assessee has successfully discharged the initial onus cast upon it. We do not find any merit in the additions made by the AO and do not find any reason to interfere with the findings of the ld. CIT(A). Decided in favour of assessee.
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