Chhattisgarh Metaliks & Alloys (P)Ltd. v. ITO (2022) 220 TTJ 99 / 219 DTR 18 (Raipur)(Trib)

S. 68 : Cash credits-Share application money-Withdrawal from capital account of partner-Onus discharged-Addition was deleted.

Held that the investment was made out of the withdrawal made out of the opening balance in its capital account with a firm as evident from the capital account and bank account of the said company, the onus cast upon the assessee-company for proving the nature and source of the share application money  was discharged. Addition was deleted. (AY.  2015-16)