No addition u/s 68 if burden of proof discharged by filing sufficient evidences

ITO Vs M/s Megasun Merchants Pvt. Ltd. (ITAT Kolkata) Conclusion: Since assessee had discharged its onus to prove the identity, creditworthiness and genuineness of the share applicants by filing sufficient evidences and accordingly, the onus shifted to AO to disprove the materials placed before him and as AO failed to do so, addition of share application money based on conjectures and surmises was to be deleted. Held: AO added back the entire share application money raised from the share applicants by assessee during the year under consideration primarily on the premise that directors of the s...