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2014 (5) TMI 357 - ITAT DELHIAddition made u/s 68 of the Act – Proper opportunity not given - undisclosed income represents share application money – Held that:- Assessee contended that the assessment was completed without allowing adequate opportunity of being heard – share application money was received during the financial year 2003-04 and the AO ssessing Officer had directed the assessee to produce all the shareholders in the year 2011 - He allowed only a few days’ time to produce the shareholders which would be evident from the fact that the assessment order was passed on 30.11.2011, i.e., within 13 days - if adequate time is allowed, the assessee would make a sincere effort to produce all the shareholders before the AO - the assessee will also produce all the relevant evidences to explain the share application money - adequate opportunity of being heard/producing the shareholders were not allowed to the assessee - the matter is required to be remitted back to the AO for fresh adjudication – decided in favour of Assessee.
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