The assessee received share capital and share premium from nine corporate shareholders and furnished complete documentary evidence including PAN, share application forms, bank statements, income-tax returns, audited financial statements, details of reserves and surplus and the immediate source of funds to establish the identity, creditworthiness of the subscribers and the genuineness of the transactions. The Tribunal held that the assessee had discharged the primary onus cast under section 68 and, thereafter, it was incumbent upon the Assessing Officer to conduct an independent enquiry. Since no discrepancy was found in the evidence furnished and the Assessing Officer failed to make any independent verification, the addition under section 68 was rightly deleted. (AY. 2009-10)