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2017 (3) TMI 1566 - AT - Income TaxAddition of unexplained share application money - Held that:- Mere production of PAN details is not sufficient to establish identity of a person. Hon’ble apex court affirms the same in its reported order 2015 (9) TMI 54 - SUPREME COURT OF INDIA. We proceed further to notice that hon’ble Delhi high court in Onassis Axles Private Limited Versus Commissioner of Income Tax [2014 (2) TMI 751 - DELHI HIGH COURT]upholds this tribunal’s order restoring Assessing Officer’s finding making Section 68 addition of share application money after taking note of the fact that the concerned share applicants belonging to different places had got prepared their pay orders on the same way falling on 29.06.2006. We take into account all this case law to conclude that the same is very much applicable in facts involved in the instant appeals wherein the assessee has not been able to prove even identity of its share applicants. We also wish to observe that its reliance being placed on demand draft applications is further devoid of merit since the concerned bank had not complied with “ KYC” requirements before issuing demand drafts in question. We accordingly restore Assessing Officer’s findings as narrated in preceding paragraphs to reverse CIT(A)’s conclusion forming subject matter of our instant adjudication pertaining to both assessment years raising sole substantive issue of validity of Section 68 addition in question. The Revenue’s sole substantive ground as identically pleaded in the instant appeals succeeds.
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