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of Unexplained cash credit being share capital and premium u/s 68 - director of the subscriber company did not appear in response to the summons issued u/s 131 - The Tribunal noted that the burden of proof initially lay with the appellant to establish the genuineness of the transaction, the identity of the shareholders, and their creditworthiness. However, once the appellant provided the necessary documents, the burden shifted to the Assessing Officer to conduct a proper inquiry. Since the Assessing Officer failed to do so and did not justify the addition with sufficient reasoning, the Tribunal concluded that the addition was not justified.
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