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2012 (11) TMI 755 - ITAT DELHIUndisclosed income under section 68 of Income tax Act - Creditworthiness - Genuineness of the transaction – Held that:- Creditworthiness is proved by the assessee by way of auditor’s statement, copies of income tax returns and confirmations. Section 68 lays down initial burden and does not contemplate infallible burden on the assessee to prove the source of source of the share applicants and every bit of transaction which may be perceived by the AO. The nature of burden is initial in nature, which has been discharged by the assessee – addition deleted
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