Held that The CIT(A) without verifying the credit entry in the books of the assessee, had deleted the addition merely on the basis of the bank statement of other persons. The matter was to be remanded to the CIT(A)  with a direction to examine the matter afresh and find out whether the shares were issued at a premium and if, the answer is yes, whether the amount for issuance of shares were credited in the books of account of the assessee-company for issuing the shares. If the shares were issued and the amounts were received and credited by the assessee-company in earlier years, the addition may be deleted. However, if, the Assessing Officer on factual verification concluded that the amounts were credited in the year under consideration, then onus lay on the assessee to show the identity and creditworthiness of the depositors and genuineness of transactions to the satisfaction of the CIT(A). (AY.2007-08)