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2016 (9) TMI 1337 - RAJASTHAN HIGH COURT
Addition u/s 68 - assessee failed to establish the identity, genuineness and creditworthiness of the share applicants - Held that:- all the share applicants stand identified. The assessee has provided permanent account numbers of the share applicants. The mode of payment has also been explained. There is no direct or indirect relation between the assessee-company and the share applicants. The statements recorded during survey has got no evidentiary value without any supporting documents or evidence. - Decided in favour of assessee.