Addition u/s 68 confirmed on failure to discharge initial burden

ITO Vs Mahadev Dairy Pvt. Ltd. (ITAT Delhi) ITAT Delhi held that addition under section 68 of the Income Tax Act confirmed as assessee grossly failed to discharge initial burden of explaining and proving credit entries in the books of account. Facts- The assessee during the year under consideration has received credits in form of Share Capital, Share application and unsecured loan from individuals. Notices u/s. 133(6) were issued to concerned parties but no reply was received from them which was informed to the assessee. The AO further observed that suddenly the replies were received from all ...