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Ref: CIT-v-Nipun Builders & Developers Pvt Ltd 350 ITR 407 Del

Where the assessee, being a pvt ltd co, received share aplication money from other pvt ltd cos; summon u/s 131 returned unserved; inspector's report that no such companies found at the given address; the AO asked the assessee to produce principle officers of such cos but assessee failed to produce them; it has been held by DHC that burden on assessee u/s 68 was not discharged even though share application money was received through a/c payee cheques and share applicants were found existing at govt.website.

According to the hon'ble court, there must be some positive evidence to show the nature and source of resources of share applicants.

It is to be noted that facts do not disclose whether share applicants were income tax assessees or having PAN or had filed any income tax returns etc.

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