Once assessee has proved identity and creditworthiness of the share applicants, addition u/s 68 cannot be sustained

Brief of the case: In this case tribunal examined that whether addition made u/s 68 can be sustained where the AO did not offer any comments upon the materials taken into account by the CIT (A) regarding identity and creditworthiness of the share applicants. Tribunal examined remand report submitted by AO before CIT (A) and observed that creditworthiness of the share applicants is not doubted. Facts of the case: During AY 2003-04, the assessee had received Rs. 1.65 crores as share application money from three share applicants. These three amounts were returned by the assessee in the succeedin...