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2016 (9) TMI 333 - DELHI HIGH COURT

2016 (9) TMI 333 - DELHI HIGH COURT - TMI - Addition u/s 68 - suspected investments and share application money - Held that:- We are of the opinion that the CIT(A)’s order – which stands confirmed by the ITAT is both sound and unexceptionable having regard to the principle applicable to Section 68 and the circumstances under which investments and share application money is deemed suspect. In the present case, the share applicant’s identity was disclosed and the source of his funds was also prove .....

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rejected its appeal. During the relevant period, i.e. AY 2005-06, the Assessing Officer (AO) had brought to tax the sum of ₹ 1,44,85,000/-, contending that the genuineness of the share application money and the identity disclosed by the assessee was suspect. The assessee s appeal was accepted by CIT(A), who noticed that for the subsequent years, the investment to the tune of ₹ 44 lakhs had been established and accepted. The investment was by the same individual. As far as the assessm .....

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pronouncement and the facts of the case, I am of the opinion that the appellant during the course of proceedings has discharged the initial onus of establishing the bonafides of the transaction and the AO was not justified in ignoring various evidence provided to him by the appellant. Nothing adverse has been brought on record by the AO to establish that the share capital money received by the appellant represented its own undisclosed income. In fact the appellant had filed the share purchase a .....

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