The Tribunal held that , the assessee could not produce\u00a0 the parties\u00a0 before the Assessing Officer. The assessee volunteered The whereabouts of the investor companies were within the knowledge of\u00a0 the assessee. When such entities were not to be found at the addresses furnished by\u00a0 the assessee, it was incumbent upon the assessee to produce them before the Assessing Officer to prove their creditworthiness and genuineness of\u00a0 the transaction. The burden is\u00a0 shifted to\u00a0 the assessee. Accordingly it was held that the action of\u00a0 the Assessing Officer was\u00a0 legal and the inference drawn by\u00a0 him that the assessee had routed its\u00a0 own money in the books of account through the conduit of\u00a0 investor companies was justified.( AY.2010-11)<\/p>\n
\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 68 : Cash credits – Share application money \u2014 Share premium – Not establishing the creditworthiness \u2013 Investment through conduit of investor companies-Addition is held to be justified . <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-14820","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3R2","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14820","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=14820"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14820\/revisions"}],"predecessor-version":[{"id":14821,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14820\/revisions\/14821"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=14820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=14820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=14820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}