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2015 (1) TMI 1160 - DELHI HIGH COURTAddition u/s 68 - unaccounted share capital and unsecured loans - ITAT deleted the addition - Held that:- It is evident that the ITAT went into the record and held that there was a satisfactory explanation and consequently addition under Section 68 was unwarranted. Counsel for the revenue submitted that besides furnishing affidavit of the parties - so far as the inclusion of capital to the tune of ₹ 35 lakhs is concerned, there was nothing on the record to warrant deletion of the said amount. This Court notices that besides the affidavits, the particulars of the bank, the cheque numbers, the ledger account was furnished to the AO. Though this was in the course of remand proceedings, having regard to the bank accounts of the subscribers - who are concededly family members, and whose identities were ascertainable, the AO, failed to probe further. In these circumstances, this Court is of the opinion that considering the law declared in CIT V. Lovely Exports (P) Ltd. [2008 (1) TMI 575 - SUPREME COURT OF INDIA], the inference drawn by the AO, in the circumstances of the case to add back a sum of ₹ 35 lakhs under Section 68 was clearly not warranted. The question of law sought to be urged therefore does not arise. - Decided in favor of assessee.
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