Dismissing the appeal of the revenue the Court held that,  the identity of the investors were not in doubt. The assessee had furnished PAN, copies of the income tax returns of the investors as well as copy of the bank accounts in which the share application money was deposited in order to prove genuineness of the transactions. In so far credit worthiness of the creditors were concerned, the bank accounts of the investors showed that they had funds to make payments for share application money. The assessee was not required to prove source of the source. Nonetheless, the inquiries through the investigation wing of the department at Kolkata proved source of the source (PCIT v NRA Iron & Steel  (2019) 412 ITR 161 (SC) distinguished) (ITA No. 1231 of 2017, dt. 29.01.2020) (AY. 2010-11)