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2014 (8) TMI 519 - AT - Income TaxAdmission of additional evidence – assessment u/s 153C - Unexplained credit - Held that:- CIT(A) has dealt with the issue in detail and after discussing the case of the assessee for admission of the additional evidence has allowed the application of the assessee - there was sufficient reason for the admission of the additional evidence by the CIT(A) as the AO had issued show-cause notice in respect of the issue of share capital for the first time on 14.12.2011 and has given just two days to the assessee to give detailed submissions/evidence to prove the genuineness of the transaction, creditworthiness and identity of the shareholder who had given ₹ 4.03 crores - the time of two days given to the assessee was not sufficient and the documents filed before the CIT(A) were in the nature of supporting evidence - CIT(A) has rightly allowed the required admission of additional evidence by the assessee before him after affording opportunity to the AO - there is no any violation of Rule 46A of the Income-tax Rules, 1962 – Decided against Revenue. Unexplained credit – Share capital issued – Identity and creditworthiness of shareholders – Held that:- CIT(A) was rightly of the view that in respect of all the six shareholders, the assessee has been able to furnish on record substantial evidences to establish the identity, creditworthiness of the shareholders and genuineness of the transactions – CIT(A) rightly relied upon CIT vs. Orissa Corporation [1986 (3) TMI 3 - SUPREME Court] - the assessee has provided evidence in the form of PAN, ROC details, copy of ITR filed and copy of confirmation, explained source of sources also and even in the post search inquiries, the shareholders have confirmed the investment before the ADIT – thus, CIT(A) has passed a comprehensive and reasoned order on the issue after examining evidence relating to each of the share applicant companies to arrive at a conclusion that the assessee was able to establish the identity, creditworthiness and genuineness of the transaction – Decided against Revenue.
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