Dismissing the appeal of the revenue the Court held that share application money was received by cheques, details furnished. Assessee has discharged the burden. Failure by department to investigate identity of shareholders and genuineness of transactions, addition is held to be not justified. (AY. 2005 -06)
CIT v. Sidhi Vinayak Metcon Ltd. (2019) 414 ITR 402 (Jharkhand) (HC)
S. 68 : Cash credits—Share application money—Received by cheques- Details furnished–Burden is discharged-Failure by department to investigate identity of shareholders and genuineness of transactions—Addition is held to be not justified.