Addition u/s 68 unsustainable as identity, creditworthiness and genuineness of transaction established

ITO Vs Cinflex Infotech Pvt Ltd (ITAT Delhi) ITAT Delhi held addition u/s 68 of the Income Tax Act unsustained as assessee duly satisfied the initial onus i.e. identity, creditworthiness and genuineness of the transaction established. Facts- AO observed that the assessee has received share application money amounting to Rs. 10.89 crores from 19 share applicants. AO formed a belief that these companies were operated by a single person and these were not in existence, but operated by some entry provider, who issued cheques in favour of the beneficiaries in lieu of cash. AO further observed that ...