Held that\u00a0 the assessee had placed on record copies of the returns of income with computation of income, bank details, etc., to substantiate its claim of having received share application money from the directors and their close relatives. The Assessing Officer had failed to place on record any material which would dislodge the authenticity of these documents. The assessee had, hence, discharged the primary onus that was cast upon it as regards proving the identity, creditworthiness and genuineness of having received share application money from the eight parties constituting the directors and their relatives. The adverse inferences so drawn by the Assessing Officer could not be sustained and were liable to be vacated. (AY. 2012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 68 : Cash credits-Share application money-Identity, creditworthiness of investors and genuineness of transactions established-Refund of share application money to one investor overlooked-Addition is not justified. [S. 133(6)] <\/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-36168","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-9pm","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36168","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=36168"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36168\/revisions"}],"predecessor-version":[{"id":36169,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36168\/revisions\/36169"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=36168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=36168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=36168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}