Held that the share applicant’s capital was negative and he owed Rs 77,25,30,551 to unsecured creditors and the bank statement of the share applicant shows that he received back exactly the same amounts on the same day whenever he made payments to the assessee-company, the creditworthiness of the share applicant and the genuineness of the transaction are not proved and therefore, the order of the AO  was affirmed. Held that  CIT(A) having examined the details of creditors submitted by the assessee and the remand report of the AO and restricted the impugned addition to Rs 23,73,122 after giving well-reasoned findings to the effect that the assessee has established genuineness of sundry creditors and reconciled the amounts, the deletion of addition is held to be justified. (AY. 2009-10)