If Share Application Money is received from identifiable investors, Onus shifts to Income Tax Dept to Disprove: ITAT Deletes Rs. 5 Crore Addition

The ITAT deleted a Rs. 10 crore addition regarding share application money, ruling that the onus shifted to the Income Tax Department to disprove the genuineness of the investors. The taxpayer had provided details of identifiable investors, and the Tribunal found that the department failed to produce evidence to challenge the source of the funds. This ruling provides clarity on the evidentiary burden in cases involving share application money.