Tribunal held that under the deeming provision what is required to be seen was whether or not the assessee had been able to discharge the onus regarding the nature and source of credit appearing in the books of account during the financial year. The nature of credit was share application money and the source had been found to be satisfactorily explained by the assessee as held by the Commissioner (Appeals). Thus, the onus cast upon the assessee had been fully discharged. Secondly, if a share at a face value of Rs. 10 and premium of Rs. 90 had been bought back at Rs. 5 the Assessing Officer had all the powers under the Act to examine the issue in the year in which the transaction had taken place and there he could draw any inference after proper scrutiny and inquiry. So far as this year was concerned, the genuineness of the transaction of the share application money received during the year had to be seen. As regards derivative loss, matter remanded to the Assessing Officer  (AY.2011-12)