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Addition u/s 68 - If assessee had discharged its onus to prove the identity, creditworthiness and genuineness of the share applicants by placing PAN details, bank account statements, audited financial statements and Income Tax acknowledgments then the onus shifted to AO to disprove the materials placed before him. Without doing so, the addition made by the AO will not sustain.

Income Tax
6-3-2019

Addition u/s 68 - If assessee had discharged its onus to prove the identity, creditworthiness and genuineness of the share applicants by placing PAN details, bank account statements, audited financial statements and Income Tax acknowledgments then the onus shifted to AO to disprove the materials placed before him. Without doing so, the addition made by the AO will not sustain.

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