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2020 (12) TMI 768 - ITAT MUMBAIUnexplained cash credit u/s. 68 - addition in respect of the Share Capital and Share Premium - Identity of the Investor, Creditworthiness of the investor AND Genuineness of the transactions proved or not? - HELD THAT:- The assessee has furnished the address, PAN, Certificate of incorporation, MOA & AOA of the subscribers who subscribe the shares. To prove the credit-worthiness the assessee has given the certificate source of fund, Balance sheet, Profit & Loss Account and Return of income of share applicants. The investor companies have positive net worth and only invested 1.6% and 1.2% of their net worth. The assessee submitted Form of application of shares, Photocopy of the cheque receipt towards the share application, photo copy of the bank deposit slip reflecting the deposit of the above cheque, extract of Bank Statement of all subscribers duly highlighting the entries of share money and premium money given by them to the appellant company along with copy of board resolution, resolving the decision of investment into appellant company. To prove the genuineness of the transaction the assessee produced the confirmation, bank statement, financial of the lender. Nothing came into noticed that the transaction were found bogus. Retracted statement of Shri Rajesh Agarwal was not liable to be relied upon the unless corroborated by the sufficient evidence on record. Moreover no opportunity of being heard was given to the assessee - As relying on M/S. BINI BUILDERS PVT. LTD. VERSUS DCIT-CENTRAL RANGE-7 (3) , MUMBAI [2020 (3) TMI 595 - ITAT MUMBAI] issue decided in favour of assessee.
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