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2023 (12) TMI 65 - ALLAHABAD HIGH COURTAddition u/s 68 - unexplained credits in the hands of assessee company - reliance on chain of transactions and probative value of the statements and other incriminating facts - HELD THAT:- CIT (Appeals) has reasoned, the doubts and suspicions howsoever strong may never lead to adverse findings against the assessee. He has categorised the findings recorded by the assessing authority as conjectural being not based on any cogent material or evidence on record. It is the above findings recorded by the CIT (A) that have been sustained by the learned Tribunal. On specific query made, learned counsel for the revenue could not point to any evidence existing on record as may have led to the conclusion that any part of the investment made in the assessee company by the three investing entities was false or bogus. Prima facie, in face of investment made through banking channel which according to revenue was duly disclosed in the regular returns of the investing entities, there does not exist any presumption or room to disbelieve the investment made in the assessee company. The burden to prove otherwise rested squarely on the revenue authorities. Unless the initial onus had been discharged by leading some evidence that may have led itself to the conclusion that the investment was never made, the burden that was cast on the revenue remained undischarged. Accordingly, the findings of fact recorded by the learned Tribunal, confirming the order of the CIT (Appeals) is seen to be in accordance with law and based on material consideration.
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