Share Application Money – Primary burden is on AO to show that same is unexplained cash credit

Even if the reopening is sustained, the primary burden that income has escaped assessment is on the shoulder of the assessing officer and after discharging this burden only, the onus shifts to the shoulder of the assessee. We find that nothing has been brought on record by the assessing officer to substantiate his serious allegation that these two entries are accommodation entries which was the sole ground and basis for reopening. Reliance is placed on CIT Vs. Pradeep Kumar Gupta(Delhi)“303ITR95 (Delhi), in which it was held that when section 147 and 148 of the Act was resorted to, the AO mu...