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2022 (2) TMI 1398 - ITAT AHMEDABADUnexplained cash credits u/s. 68 - Bogus Share Capital and Share Premium received by the Appellant - onus to prove - HELD THAT:- The assessee has issued shares at premium of his 990 which was based on the valuation report by independent valuer by using the method of discounted cash flow which has been recognized under the provision of law and the same has also not been controverted by the AO except stating that valuation has been made on basis of future expected profit. Furthermore, we also find that the basis of the valuation for determining the premium on the share has nowhere been doubted by the AO during the assessment proceedings. Based on the above, we note that the value of the premium cannot be doubted. Whether the principles laid down by the Hon’ble Supreme Court in the case of Pr. CIT v. NRA Iron & Steel (P.) Ltd. [2019 (3) TMI 323 - SUPREME COURT] are applicable to the present facts of the case? - The finding of facts would bind only the parties to the decision itself and it is the ultimate decision that binds. Where facts are distinguishable, such as assessee has replied and clarified all the doubts like non-service of summons on the directors of the investing companies due to change of address, existence of the investing companies on the portals of MCA/ROC and with the Income Tax Department long after investment, providing DIN of directors of investing companies and their other particulars, providing reasons for charging huge premium, adequate creditworthiness on the basis of assets, source of immediate availability of funds for investment, etc., then this decision in NRA Iron & Steel (P.) Ltd. (supra) cannot be applied as Admittedly, the assessee in the case on hand has sufficiently furnished the details of the parties As we are of the view that the assessee company has sufficiently discharged its onus cast under section 68 of the Act with respect identity of the investor companies, credit worthiness and genuineness of the transaction. Therefore we direct the AO to delete the addition made by him. Decided in favour of assessee.
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