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2012 (5) TMI 41 - HC - Income TaxReassessment proceedings after information received from Director of Investigation regarding bogus/accommodation entries - question arose whether the share application money received was a genuine transaction - Held that:- Assessee's reliance on the judgment of Hon‟ble Supreme Court in the case of CIT Vs. Lovely Exports Pvt. Ltd.(2008 (1) TMI 575 - SUPREME COURT OF INDIA)is not applicable to this case as summons issued by the AO could not be served in the address of such share applicants by the postal authorities as none of them was found in the said address, thus it cannot be said that the AO has not brought on record any evidence to show that applicants were mere paper entities - it is also to be noted that share were not allotted to these parties in the immediate future - the orders of the authorities below are required to be set aside on the impugned issues and the matter remitted back to the file of the Assessing Officer for re-adjudicating -the Assessing Officer should pass a fresh order as per law after giving the assessee adequate opportunity of being heard.
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