During the FY relevant to AY 2013-14, the assessee received share application money from four parties. To verify the genuineness of the share application money, summons were issued to the above parties.\u00a0 The ITAT observed that the first proviso to S.\u00a068\u00a0was introduced by the\u00a0Finance Act, 2012\u00a0w.e.f. 1.04.2013 which specifically says \u201cwhere the assessee is a company, not being a company in which public are substantially interested\u201d. Therefore, the CIT(A) had clearly held that the assessee was a listed company in which public were substantially interested and invocation of section\u00a068\u00a0was not applicable. Further the assessee submitted confirmations, bank statements, returns of income and allotment advice, before the AO. Thus, the primary onus that lay on the assessee to establish the identity, genuineness and creditworthiness of the assessee was proved beyond doubt by the assessee. Further, the assessee also proved the source of the source of the investment made by the three parties. The AO could not disprove this with necessary evidence. Therefore, the question of invoking section\u00a068\u00a0did not arise. There was no illegality in the order passed by the CIT(A) deleting the addition made under section\u00a068\u00a0of the Act. (AY.2013-14)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 68 : Cash credits-Share application money-Assessee is A Listed Company-Assessee Submitting Confirmations, Bank Statements, Returns of income and allotment advice of the allottees before AO-Primary Onus On Assessee To Establish Identity, Genuineness And Creditworthiness Of Creditors Proved Beyond Doubt-Assessee also provided source of source of investments \u2014Addition is not valid.<\/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-41941","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-aUt","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/41941","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=41941"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/41941\/revisions"}],"predecessor-version":[{"id":41942,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/41941\/revisions\/41942"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=41941"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=41941"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=41941"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}