Addition U/s. 68 for bogus share capital not justified for mere non-response by shareholders to summon U/s. 133(6)

Umbrella Projects Pvt. Ltd Vs. ITO (ITAT Delhi)

In view of the  documents and evidences filed by the assessee, we are of the opinion that these are sufficient to discharge its initial onus regarding the identity, creditworthiness and genuineness as required under Section 68 of the Act. The assessee having discharged its onus, it was upon the AO to bring material or evidence to discredit the same.

In the present case, from the assessment order, it is evident that no adverse material is available with the AO. There is no allegation against any of the above 4

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