Onus on assesse to prove true identity of an investor, its creditworthiness and genuineness of a transaction

Brief of the Case: In the cited case, Delhi High Court held that had the AO cared, the identity of the investors, the genuineness of the transaction and the creditworthiness of the share applicants would have been apparent. Even otherwise, the share applicants’ particulars were available with the AO in the form of balance sheets income tax returns, PAN details etc. While arriving at the conclusion the AO did not consider it worthwhile to make any further enquiry but based his order on the high nature of the premium and certain features which appeared to be suspect, to determine that the amou...