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2010 (5) TMI 859 - ITAT KOLKATA
Unexplained credits u/s 68 - share capital and share premium unexplained - transaction entered into by the assessee was a scheme for laundering black money into white money or accounted money
HELD THAT:- In the present case, the appellant has furnished all the details relevant to share capital contribution before the A.O and also before me. AO except noticing certain unusual features in fund flow chain could not establish the link between the unaccounted incomes of the appellant company and share capital contributors. Having regard to the facts and circumstances of the case and respectfully following Hon’ble Supreme Court decision in the case of M/s. Lovely Exports Pvt. Ltd [2008 (1) TMI 575 - SC ORDER] share capital/premium received from investors is not liable to be treated u/s. 68 as unexplained credits and to be taxed in the hands of the appellant company.
In view of the above, and finding no contrary decisions brought on record by the revenue authorities, we find no infirmity in the order of the Ld. CIT(A) and the same is hereby upheld. The appeal of the revenue is, therefore, dismissed.
In the result, the appeal of the revenue is dismissed.
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