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2013 (8) TMI 362 - ITAT AGRAUnexplained credit u/s 68 - Share application Money - CIT deleted addition partially - Held that:- Company concerned cannot be expected to know every detail pertaining to the identity as well as financial worth of each of its subscribers - Assessee company made available relevant material before the A.O. and the A.O. has failed to unearth any wrong or illegal dealings - Once it is established that the amount has been invested by a particular person, be it a partner or an individual, then the responsibility of the assessee is over. Assessee has failed miserably to prove with any supporting documentary evidence in its support for rest deletion - The assessee has furnished only share application money through cheques - Assessee has failed to discharge the burden in respect of Section 68 - Partial addition made by CIT confirmed - Following decisions of CIT Vs. Divine Leading & Finance Ltd. [2006 (11) TMI 121 - DELHI HIGH COURT], Hindustan Tea Trading Co. Vs. CIT [2003 (3) TMI 53 - CALCUTTA High Court], CIT Vs. Metachem Industries [1999 (9) TMI 21 - MADHYA PRADESH High Court] and CIT Vs. Lovely Exports P. Ltd. [2008 (1) TMI 575 - SUPREME COURT OF INDIA] - Decided partly in favour of assessee.
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