2011 (6) TMI 755

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....nt of unexplained credits in the form of share application money. 3. In this case Assessing Officer has found that the assessee has received Rs. 4,34,00,000/- on account of unexplained credits in the form of share application money. Assessing Officer further found that the said application money were liable for addition as unexplained receipts. The reasons thereof as stated by the Assessing Officer were as under:- "Notices u/s. 133(6) were sent to investors out of which notices sent to below mentioned entities are received back as underserved. S.No. Name of the investor Amount invested 1. Fairdeal Information & Technology Pvt. Ltd. 1,00,00,000/- 2. Sunlight Tour and Travels Pvt. Ltd. 1,54,00,000/- 3. J....

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....ion money. Accordingly, Ld. Commissioner of Income Tax (Appeals) referred the following decision of the Hon'ble Jurisdictional High Court in the case of C.I.T. vs. Dwarkadhish Investment P Ltd. [2010] 194 Taxman 43 (Delhi), wherein following was held:- "Though in s. 68 proceedings, the initial burden of proof lies on the assessee yet once he proves the identity of the creditors/ share applicants by either furnishing their PAN or income tax assessment number and shows the genuineness of transaction by showing money in his books either by account payee cheque or by draft or by any other mode, then the onus of proof would shift to the Revenue - just because the creditors / share applicants could not be found at the address given, it would n....