Held  that all the share applicants were Income-tax assessees and filed their returns of income. The share application form and allotment letter was available on record, the share application money was made by account payee cheques, the details of the bank accounts belonged to the share applicants and their bank statements, in none of the transactions the Assessing Officer found deposit in cash before issuance of cheques to the assessee-company, and the applicants had substantial creditworthiness which was represented by capital and reserves. Therefore, the assessee had discharged its onus to prove the identity and creditworthiness of the share applicants and genuineness of the transactions. Thereafter the onus shifted to Assessing Officer to disprove the documents furnished by the assessee could not be brushed aside by the Assessing Officer. In the absence of any investigation, much less gathering of evidence by the Assessing Officer, the addition could not be sustained merely based on inferences drawn by circumstances. (AY.2012-13)