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2021 (5) TMI 156 - ITAT MUMBAIReopening of assessment u/s 147 - Addition u/s 68 - HELD THAT:- As the primary onus as casted on the assessee in terms of the requirement of Section 68, was duly fulfilled and the onus was on revenue to controvert the evidences furnished by the assessee. However, we find that nothing has been brought on record by the revenue to substantiate the fact that the assessee’s unaccounted money was routed in the books in the garb of share capital. It is trite law that no addition could be made merely on the basis of allegation, suspicion, conjectures or surmises. Upon perusal of assessee’s written submissions as placed on record, another pertinent fact to be noted is that all the 16 investor entities has sufficient net worth (shares capital + reserves & surplus) to make investment in the assessee and the percentage of investment made by them in the assessee company is merely in the range of 0.02% to 11.86 % of their respective net worth. Hence, on the facts and circumstances of the case and respectfully following the earlier view of Tribunal in assessee’s own case [2020 (12) TMI 768 - ITAT MUMBAI], we delete the impugned additions. Consequently, the set-off of losses, as allowable under law, would be available to the assessee. We order so. The Ld. AO is directed to re-compute assessee’s income in terms of our above order. No infirmity could be found in Ld. AO’s action in reopening the case of the assessee. The stand of Ld. CIT(A), in this regard, stands confirmed.
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