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2023 (8) TMI 273 - AT - Income TaxAddition u/s 68 - unexplained cash credits shown as share capital/share premium received - Discarding the 3rd party confirmation - as per DR assessee failed to prove the identity of share applicants, genuineness of transactions and creditworthiness of the share applicants to invest in Assessee Company - HELD THAT:- AO has not brought any material on record to dislodge the sanctity of documents submitted that after the filing of the documents the burden casted upon the assessee, stood discharge and the burden is on revenue to refute the documentary evidences filed by assessee with cogent material. It is not a case of share application money or a case where there is any information of investigation wing vis-à-vis generation of share application money/long term capital gain etc. It is settled position of law that no 3rd party would come forward with false evidence to oblige an assessee. Reference can be made to the judgment of Sheo Narian Duli Chand [1968 (9) TMI 32 - ALLAHABAD HIGH COURT] wherein it was held that there is no presumption that a witness appearing for an assessee come forward to give false evidence to oblige an assessee. Similarly provisions of section 277A (For third party) provides that if any person willfully helps another person for falsification of books of accounts then such person would be punishable with imprisonment and fine. Therefore discarding the 3rd party confirmation without bringing any material on record is arbitrary. Further, non service of summons by inspector or the presumption that investor companies are not in existence, without refuting the documentary evidences, alone cannot be a ground to make addition under section 68 - Decided against revenue.
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