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2023 (8) TMI 1305 - AT - Income TaxAddition u/s 68 - doctrine of fraud - AO based on the information received from DDIT (Investigation)-II, New Delhi that the appellant is a beneficiary of the accommodation entries - HELD THAT:- From mere perusal of the assessment order, it could reveal that the respondent-assessee had not discharged the initial onus of proving the identity, genuineness and creditworthiness of the share application money. CIT(A) considering the share application form, board resolution of the company, share receipt letter and confirmation, copy of bank statement of the respondent-assessee etc, had concluded that the respondent-assessee had discharged the initial onus lying upon it. The evidence considered by CIT(A) does not establish the genuineness and creditworthiness of the share application money. Thus, CIT(A) had failed to enquire into the creditworthiness and genuineness of the transactions and there is no evidence brought on record establishing the genuineness and creditworthiness of the share application money. Thus, the order passed by the ld. CIT(A) is perfunctory and not based on any material on record. Thus, the doctrine of fraud can be squarely invoked to the facts of the present case. Decided in favour of revenue.
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