Section 68 of Income Tax Act, 1961— unexplained credit— This appeal is filed by revenue against the order passed by CIT on following ground—
Whether CIT erred in deleting the addition on account of unexplained credits in the form of share application money, in spite of the facts on records that the assessee has failed to produce any admissible evidence during the course of assessment proceedings before the AO as required

Held that— We have gone through all the decisions relied by the ld. DR. The facts of none of these cases are similar to the case before us, as in none of the matter, the Assessing Officer had confirmed the bank accounts, ITRs and issuance of certificates as it has been done in the present case of the share applicants. In our view one the share applicants are traceable by way of PAN, ITRs, Bank accounts and are also responding to the notices u/s. 133(6) of the Act then it is for the Assessing Officer to bring on record the material in the form of extra premium paid to the assessee for the shares and that the case was deposited prior to issuance of cheques. Nothing has been done in the present case. Thus, in the peculiar facts and circumstances of the instant case, the judgments relied upon by the ld. DR are not applicable to the facts of the present case.[DCIT, CIRCLE 2 (1) , GWALIOR VERSUS M/S. B.P. EDIBLE OIL PVT. LTD.] [2019] 15 ITCD Online (55) [ITAT AGRA]