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2018 (3) TMI 1618 - ITAT NEW DELHIAddition on account of bogus share capital and share premium made - unexplained cash credits under section 68 - assessment u/s 153A - Held that:- No incriminating material was found during the course of search against the assessee so as to make the above addition under section 68. The A.O. has not brought on record any material to substantiate his observations in the remand report. The A.O. did not make any effort to conduct any enquiry directly from these Investors. A.O. did not issue notices under section 133(6) or summon under section 131 against these Investors for recording their statements. A.O. was swayed by the fact that statement of Shri Aseem Kumar Gupta was recorded by Investigation Wing to provide accommodation entries. Such fact is contradicted by the A.O. himself by noting in the remand report that his Circle has assessed two of the Investors under section 153A of the Act and that Investors are not apparently related to Shri Aseem Kumar Gupta. There was nothing on record to support the finding of fact recorded by the A.O. Evidences and material available on record clearly justify the findings of CIT(A) in deleting the addition. The assessee also explained the reasons for issuance of shares at high premium on which A.O. in the remand report did not make any comment on the submissions of the assessee. The Ld. CIT(A), therefore, was justified in holding that A.O. was not justified in treating share capital and share premium as unexplained credits under section 68 - Decided in favour of assessee
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