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2019 (3) TMI 1897 - ITAT MUMBAIAddition on account of share application/share premium/unexplained cash credit u/s 68 - HELD THAT:- We observe that the assessee has filed all the necessary evidences to prove identification , genuineness of the transactions and creditworthiness of the investors in the assessment proceedings as well as appellate proceedings. The assessee has discharged the onus cast upon it whereas the AO has not done any further verification and investigation to disapprove the evidences filed by the assessee. AO only harped on the statement of Shri Praveen Kumar Jain which has been retracted later on. Moreover out of five investor, two namely Javda India Impex Ltd and Kush Hindustan Entertainment Ltd were already considered by the coordinate bench of the tribunal Hyderabad in the case of M/S Komal Agrotech Pvt Ltd [2017 (7) TMI 605 - ITAT HYDERABAD] wherein the Tribunal held that addition made u/s 68 is bad in law. We also find merits in the arguments of the ld AR that the share capital and share premium can not be added u/s 68 in view of the proviso to section 68 as that is effective and applicable from 1.4.2013.We have perused the decisions relied upon by the assessee and are of the opinion that the case is squarely covered by them. Accordingly we do not find any infirmities in the order of CIT(A) who has passed a very reasoned order and accordingly appeal of the revenue is dismissed.
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