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2016 (4) TMI 474 - ITAT DELHIAdditions of share capital & unsecured loans - Held that:- We are of the opinion that the assessee has failed to discharge its onus to establish identity of the shareholders, genuineness of the transactions and creditworthiness of the shareholders in relation to the addition of ₹ 13 lakh made by the assessing officer. Thus we hold that there is no infirmity in the findings of the Commissioner of income tax (Appeals) on the issue in dispute. Also AR could not brought any evidence so as to establish the creditworthiness of the creditors and therefore in our opinion, the assessee has failed to discharge its primary onus of satisfying the requirements of provisions of section 68 of the Act. Once the assessee failed in explaining the share capital and unsecured loans received, there was no option before the Assessing Officer except making addition in the hands of the assessee until and unless, the assessee would have come forward with the name of the person to whom the unexplained cash credit belonged. - Decided against assessee
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