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2015 (11) TMI 279 - DELHI HIGH COURT

2015 (11) TMI 279 - DELHI HIGH COURT - TMI - Addition u/s 68 - ITAT deleted the addition - Held that:- Assessee by produced sufficient documentation discharged its initial onus of showing the genuineness and creditworthiness of the share applicants. It was incumbent to the AO to have undertaken some inquiry and investigation before coming to a conclusion on the issue of creditworthiness. In Nova Promoters (2012 (2) TMI 194 - DELHI HIGH COURT), the Court has taken note of a situation where the co .....

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wal, Senior Standing Counsel with Ms Lakshmi Gurung, Junior Standing Counsel. For The Respondent : Mr Ved Jain and Mr Pranjal Srivastava, Advocates. ORDER 1. These appeals by the Revenue are directed against the common order dated 6th June 2014 passed by the Income Tax Appellate Tribunal ( ITAT ) in ITA Nos.3359, 3360 & 3361/Del/2013 for the Assessment Years ( AY ) 2006-07, 2007-08 and 2008-09 respectively. 2. The common question of law raised by the Revenue is whether the ITAT was justified .....

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v. Nova Promoters & Finlease Ltd. 342 ITR 169 and urged that the Assessing Officer (AO) was not required to point to the source from which the money was received by the Assessee . On the other hand, it was incumbent upon the Assessee to offer a satisfactory explanation regarding nature and source of the funds. 3. The ITAT has in the impugned order noticed that in the present case the Revenue has not doubted the identity of the share applicants. The sole basis for the Revenue to doubt their c .....

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