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2019 (6) TMI 1531 - ITAT MUMBAIAddition u/s 68 on bogus share application money received - HELD THAT:- Assessee had received share application money from four parties i.e. M/s Victor sales Pvt. Ltd, M/s Shipra Fabrics Pvt. Ltd, M/s Santoshima Lease Finance & Investment India Pvt. Ltd and M/s Dolex Commercial Pvt. Ltd. The AO made additions by holding that the identity, credit worthiness of the lender and the genuineness of the transaction were not proved. Whereas the assessee had placed on record the documents in the shape of share application form, resolution of respective companies, memorandum and articles of the companies, copies audited statement of accounts, bank statements of respective companies and also copies of acknowledgement of income tax return filed for A.Ys. 2009-10, 2011-12 and 2015-16. Apart from above, documents in the shape of copies of confirmation of the respective parties and the copies of letters filed by all the four parties pursuant to notice issued u/s. 133(6) of the Act. The assessee had fully explained the nature and source of amount received as share application money and AO had not pointed out any mistake on any of the particulars furnished by the assessee and/or the parties directly. It is also important to mention here that all the parties responded to the notices u/s 133(6) of the Act and submitted all the required documents /particulars. - Decided in favour of assessee.
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