No addition if assessee discharged initial onus to prove identity of Investor Companies, creditworthiness, genuineness of transaction

Shri Shyam Sunder Infrastructure (P) Ltd. Vs ITO (ITAT Delhi)

Conclusion: Since assessee produced sufficient documentary evidences before AO to prove the identity of the Investor Companies, their creditworthiness  and genuineness of the transaction and no evidence had been brought on record by AO to disprove the same, hence addition made under section 68 was deleted.

Held: AO had issued notice under section 148 after recording the reasons that assessee had been benef

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