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2023 (11) TMI 1144 - ITAT DELHIAddition on account of Share Application Money u/s 68 - burden of proving the creditworthiness of creditors and the genuineness of the transaction - HELD THAT:- CIT(A) found that the assessee failed to prove the genuineness of the transaction and the creditworthiness of the creditors. The initial burden of proving the creditworthiness of creditors and the genuineness of the transaction is cast upon the Assessee as per Section 68. In the present case, as the Assessee has not proved the burden cast upon it u/s 68 of the Act by providing requisite evidence before the Authorities, therefore, in our considered opinion, the Ld. CIT(A) has rightly confirmed the addition on the basis of remand report. Disallowance of addition in the fixed asset, addition on account of sundry creditors and the disallowance expenses were also remained unexplained by the Assessee before the AO or before the CIT(A). Therefore, we find no reason to interfere with the above disallowances made by the AO which has been confirmed by the CIT(A). Accordingly, we find no merit in the grounds of appeal of the assessee.
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