Sec 68 No additions if assessee proves identity of share applicants: SC

Pr. CIT Vs M/s. E Smart Systems Pvt. Ltd. (Supreme Court ) Supreme Court in this Case upheld the Judgment of Hon’ble Delhi High Court and dismissed the Special Leave Petition filed by Income Tax Department. High Court  held that AO did not dispute the veracity of the documents produced. Furthermore, the two individuals who had applied for shares, were made Directors of the assessee company. Prima facie, therefore, the assessee had discharged the onus that was placed upon it to disclose the identity of the share applicants and the genuineness of the money infused having regard to the th...