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The DHC in 350ITR407 held that it was not open to the assessee to direct the Assessing  Officer to go to the website of the Company Law Department/Registrar of Companies and search for the addresses of the share applicants and then communicate with them for proof of the genuineness of the share subscription. That was the onus of the assessee, not of the Assessing Officer. It further held that inder section 68, the onus is upon the assessee to prove the three ingredients, i.e., identity and the creditworthiness of the person from whom the monies were taken and the genuineness of the transaction. As to how the onus can be discharged would depend on the facts and circumstances of each case. There is greater degree of onus upon private companies raising cash credits in the form of share application.


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