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2012 (8) TMI 198 - HC - Income TaxAddition u/s 68 - unexplained amounts received towards Share Capital money - ITAT deleted the addition - Held that:- Viewing a pattern in the way funds were moved into the accounts of those investors was common to each of them as the amounts were received within a few days or weeks before the shares were allotted and there was no material to show how they knew that shares could be purchased - AO’s efforts to get them involved, through summons were unsuccessful and the applicant made no attempt to assist the AO in these proceedings - the material provided about the share applicants’ financial and fiscal standing was sketchy as they did not respond to summons under Section 131. Thus alleged investors belong to a Group who were not carrying on any real business activity and were engaged in the business of providing accommodation entries working as entry operators - the inferences drawn by the AO were justified and warranted - addition to a commission amount paid to the accommodation entry providers out of the undisclosed income of the company to assessee's income - against assessee.
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