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2014 (11) TMI 1024 - AT - Income TaxAddition u/s. 68 and u/s. 69 - Held that:- There being no direct or material evidence against the assessee to hold that the share transactions were not genuine, to hold that additions made by the AO u/s 68 are not warranted and are accordingly deleted. Since we have set-aside the findings of the lower authorities that the transactions in question were not genuine, hence the consequential additions made by the AO u/s 69 observing that the assessee might have paid commission for the bogus transactions have no legs to stand. - Decided in favour of assessee.
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