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2012 (11) TMI 193 - AT - Income TaxUnaccounted share application money - CIT(A) deleted the addition - Held that:- The AO did not leave any stone unturned to test and check the identity and creditworthiness of alleged share applicant’s office and the genuineness of the transaction but except the self contradictory confirmations in the form of affidavit wherein it has been stated that the amounts in question have been given as “unsecured loans”. The assessee did not furnish any document or evidence which could be submitted in the form of PAN No., Income tax returns, bank statement, share subscription application, share transfer register etc. thus, the findings of the AO for making addition of Rs. 15 lakh made u/s 68 was based on justified and reasonable grounds & CIT(A) was wrong in holding that the assessee has discharged the initial onus of establishing the identity of the subscribers and the genuineness of the transaction - in favour of revenue. Commission paid to the persons who arranged transaction - CIT(A) deleted the addition - Held that:- The AO had made this addition on hyper technical approach on the basis of presumption, therefore, its deletion by the impugned order is held justified - in favour of assessee.
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