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2010 (4) TMI 99 - HC - Income TaxShare application money - applicants had been identified and evidence in the form of share application as well as the balance sheet revealed such investment in the shares of the assessee company - . The Tribunal observed that the assessee in the present case has furnished all the evidence that was expected of it - ITAT followed the decision in CIT v. Divine Leasing and Finance Limited [2008 -TMI - 3703 - DELHI HIGH COURT] – held that - the Commissioner of Income Tax (Appeals) noted that the summons had been issued to the share applicants and had been responded to by sending replies along with supporting evidence except in a few cases. In those cases where there was no response to the summons, it had been ascertained that the company existed in the record of the Registrar of Companies. – Genuineness of share application money stands proved
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