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2012 (7) TMI 423 - AT - Income TaxAddition in respect of share application - appellant had furnished details in the form of additional evidence which was referred back to the Assessing Officer for remand report - Assessing Officer neither examined them nor offered his comments on the same – Held that:- share applicants’ existence is recognized as the company is in the records of the IT Department, since the appellant has submitted their PAN and also copies of Income tax records - Assessing Officer had not applied his mind while issuing notice u/s 147/148 of the Act - entire re-assessment is bad in law. Reopening of assessment – Held that:- Assessing Officer had made 2-3 mistakes while framing re-assessment order yet, there was sufficient material before Assessing Officer for initiation of proceedings u/s 147/148 - report of DIT (Inv.) is a primary source of evidence for initiating proceedings u/s 147/148 of the Act and the Assessing Officer had rightly initiated re-assessment proceedings – Against assessee Regarding addition on account of fresh un-secured loans - loans were received by appellant through banking channel from directors, their wives and parents only and that all are income tax payees and has been filing returns since last year – creditworthiness of lender is also proved as they had declared source of income and are filing income tax return - appellant had given interest on the amount of loan and had deducted TDS thereon – Held that:- Assessee has filed necessary documents to prove the genuineness of transactions, identity of investors and creditworthiness of investors - CIT(A) has rightly deleted the addition – In favor of assessee
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