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

Advertisement 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 furth...