During the FY relevant to AY 2013-14, the assessee received share application money from four parties. To verify the genuineness of the share application money, summons were issued to the above parties.  The ITAT observed that the first proviso to S. 68 was introduced by the Finance Act, 2012 w.e.f. 1.04.2013 which specifically says “where the assessee is a company, not being a company in which public are substantially interested”. Therefore, the CIT(A) had clearly held that the assessee was a listed company in which public were substantially interested and invocation of section 68 was not applicable. Further the assessee submitted confirmations, bank statements, returns of income and allotment advice, before the AO. Thus, the primary onus that lay on the assessee to establish the identity, genuineness and creditworthiness of the assessee was proved beyond doubt by the assessee. Further, the assessee also proved the source of the source of the investment made by the three parties. The AO could not disprove this with necessary evidence. Therefore, the question of invoking section 68 did not arise. There was no illegality in the order passed by the CIT(A) deleting the addition made under section 68 of the Act. (AY.2013-14)