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2019 (1) TMI 528 - ITAT MUMBAIAddition u/s 68 - onus on the assessee to prove the genuineness of the investment made by the parties concerned and their creditworthiness - Held that:- AO has doubted the transactions primarily by questioning the high share premium. However, to reiterate, the revenue, by questioning the wisdom of the investor, could not make addition in the hands of the assessee as unexplained cash credit u/s 68 unless it was established that the assessee’s unaccounted money was routed in the books through the mechanism of fictitious share allotment. Nothing on record establishes this fact. We find that the assessee has demonstrated the same by filing bank statements, Income Tax Returns, financial statements & various other documents as noted by lower authorities and which are not under dispute. So far as the provisions of Section 56(2)(viib) are concerned, we find that the same do not apply to the assessee in view of the fact that these provisions are inserted by Finance Act, 2012 and applicable with effect from 01/04/2013 only. Secondly, these provisions do not apply to the assessee since the assessee is a public listed company. The consideration of the totality of above facts and circumstances lead us to inevitable conclusion that Ld. CIT(A) was justified in providing relief to the assessee in terms of catena of judicial pronouncements as discussed in the impugned order. Finding no infirmity in the same we dismiss the appeal. - Decided against revenue
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