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TMI Blog2014 (4) TMI 812X X X X Extracts X X X X X X X X Extracts X X X X ..... ed - All the money has come by cheque, all the share applicants have confirmed the same and the amount is duly debited in the share applicants' bank account - the genuineness of the transactions also cannot be doubted - the capital of each and every creditor is much more than the investment made by him in the share capital - The amount has duly been disclosed in their balance sheet which is also furnished by the assessee before the AO - the assessee was able to discharge the onus of proving the credit in the form of share application money of its books of account – thus, there was no infirmity in the order of the CIT(A) – Decided against Revenue. - ITA No. 2848/Del/2011 - - - Dated:- 25-10-2013 - Shri G. D. Agrawal And Shri A. D. Jain,JJ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ey. However, the Assessing Officer was of the opinion that the income/capital of the above persons was not sufficient and therefore, he arrived at the conclusion that the assessee was unable to discharge the onus of proving the cash credit in his books. On appeal, learned CIT(A) accepted the assessee's contention and deleted the addition of Rs. 23,50,000/- made by the Assessing Officer. Hence, this appeal by the Revenue. 6. We have heard the arguments of both the sides and perused the material placed before us. From page 34 to 108 of the paper book, the assessee has given the copy of assessee's letter dated 18.11.2010 furnished before the Assessing Officer along with the evidence in support of the share application money received by it. F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... where she invested. 5. Deep Chand Gupta a) Confirmation for investment in shares. b) Income tax return copy for Ass. Year 2003-2003. c) Identity proof photocopy of his election identity card. d) PAN proof. e) Balance sheet of Mr. Deep Chand Gupta. f) Copy of bank statement. g) Source of fund from where he invested. 6. Devi Ram Goyal a) Confirmation for investment in shares. b) Income tax return copy for Ass. Year 2002-2003. c) Identity proof photocopy of his election identity card. d) PAN proof. e) Balance sheet of Mr. Devi Ram Goyal. f) Copy of bank statement. g) Source of fund from where he invested. 7. Amit Jain a) Confirmation for investment in shares. b) Income tax return copy for Ass. Year 2001-2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are unable to agree with the Assessing Officer. It is a settled law that the onus is upon the assessee to prove the credit in his books of account. To discharge such onus, the assessee has to establish - (i) the identity of the creditor, (ii) the creditworthiness of the creditor and (iii) genuineness of the transaction. All the creditors are assessed to income tax, their permanent account numbers as well as the copy of the income tax returns were furnished before the Assessing Officer. Therefore, the identity of the share applicants cannot be doubted. All the money has come by cheque, all the share applicants have confirmed the same and the amount is duly debited in the share applicants' bank account. Therefore, the genuineness of the tran ..... X X X X Extracts X X X X X X X X Extracts X X X X
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