Court held that the AO did not dispute veracity of documents produced and two individuals who had applied for shares, were made directors of assessee company. Accordingly the assessee had discharged onus that was placed upon it to disclose identity of share applicants and genuineness of money infused. Order of Tribunal is affirmed.
PCIT v. E -Smart Systems (P.) Ltd. (2019)105 taxmann.com 158 / 263 Taxman 374 (Delhi) (HC) Editorial: SLP of revenue is dismissed, PCIT v. E- Smart Systems (P.) Ltd. (2019) 263 Taxman 373 (SC)
S. 68 : Cash credits–Share capital-Two foreign nationals–Directors of the company-Identity of share applicants and genuineness of money infused is established- Deletion of addition is held to be justified.