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2005 (4) TMI 33 - HC - Income TaxAdditions on account of unexplained share capital/share application money - Assessing Officer has held that the source of investment made by the investors had not been explained by the assessee and, therefore, the same has been held to be income of the company from undisclosed sources under section 68 - it is not denied that all the shareholders/share applicants are genuinely existing persons. It is also not denied that each of them is an income-tax assessee and the copies of the return of their income were also placed before the Assessing Officer by the assessee which fact is also not denied. - No material has been brought on record except inferring that the investors in the opinion of the Assessing Officer were not creditworthy to link the assessee with such investment of money made by those persons. – Held that Merely because the creditors have tailed to prove their source of investment, the same cannot be added in the income of the assessee but it ought to be added by finding persons who had their names. – Revenue appeal dismissed
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