The assessee received share application money and, during assessment proceedings, furnished complete documentary evidence, including income-tax returns, confirmations, bank statements, assessment orders and other supporting records of the investor companies. The Assessing Officer, without conducting any independent enquiry or pointing out any discrepancy in the documents, treated the share application money as unexplained cash credit under section 68. On appeal the Tribunal held that once the assessee produced cogent documentary evidence establishing the identity of the investors, their creditworthiness and the genuineness of the transactions, the initial burden under section 68 stood discharged. The Assessing Officer neither conducted any independent enquiry nor summoned the investors nor pointed out any infirmity in the evidence produced. In the absence of any contrary material, the addition under section 68 was unsustainable and was liable to be deleted.(AY. 2016-17)