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2012 (12) TMI 3 - ITAT DELHIAddition u/s 68 - unexplained share capital - the names and addresses of the shareholders, number of shares allotted, their Permanent Account Nos. and the AO with whom they are assessed were available with the AO. - held that:- The AO made direct inquiry from the shareholders and each one of them have affirmed the amount invested in the share capital of the assessee company. The AO made verification from the AO of the shareholders from where also, it is affirmed that the said shareholders have invested the money in the share capital of the assessee company. The Profit & Loss account and balance sheet of the shareholders are produced, bank accounts are also produced. In view of these facts, we hold that the assessee has duly discharged the burden of proving the share capital which lay upon it. - Addition of Rs. 1,38,00,000 made by the AO on account of unexplained share capital u/s 68 of the IT Act deleted. - Decided in favor of assessee.
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