Dismissing the appeal of the assessee the Tribunal held that, mere submission of name & address, Balance Sheet & bank statement of the subscribers is not sufficient to discharge the onus. The assessee has to justify the allotment of shares to outsiders at exorbitant premium with cogent material and not bald statements The fact that s. 56(2)(viib) r.w.s. 2(24)(xvi) comes into effect from AY 2013-14 does not mean that for earlier years the assessee is not required to justify the identity, genuineness and creditworthiness of the transaction. ( ITA No.6690/Mum/2016, dt. 11.05.2018)(AY. 2012-13)