During relevant year, assessee-company issued shares at huge amount of premium. AO took a view that share application money was nothing but assessee’s unexplained cash credit. Tribunal also confirmed the addition. On appeal it was noted that assessee was given ample opportunities to produce share investors but it failed to do. Even in response to notices issued to share applicants, only some of them responded and they also failed to supply necessary details and documents to establish their genuine investment in assessee-company. It was also apparent that assessee-company had carried out no business during entire period, except for collection of share application money. It was also noticed that before issuance of payment by share applicants, deposits were made in their bank accounts and immediately investments in purchase of assessee’s shares were made. Accordingly as the assessee failed to discharge initial burden  order of Tribunal is affirmed. (AY. 2007-08)