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2013 (4) TMI 290 - HC - Income TaxAssessment of share capital in the hands of assessee - Whether share holders being existing natural persons, their investment to the share capital of the appellant could be added to the income of the appellant - Held that:- There appears to be some confusion with regard to the figure whether it is Rs. 3,80,000/- or Rs. 3,08,000/-. In different orders, different figures have been mentioned. Relying on Commissioner Of Income Tax Versus Steller Investment Ltd. [2000 (7) TMI 76 - SUPREME COURT] the aforesaid amount represents the share application money and the investors are known persons, there was no justification for making an addition of Rs. 3,08,000/- in the hands of the assessee as unexplained investment. The order of the Tribunal is faulty. The same is hereby set aside and it is held that the addition of Rs. 3,08,000/- made in the hands of the appellant could not have been added. It is deleted - in favour of assessee.
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