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2013 (10) TMI 552 - AT - Income TaxUnexplained cash credit - Payments made for purchase of shares - Held that:- addition can be made u/s 68 when all the ingredients of the provision are not met / satisfied. The undisputed facts are that assessee was holding 20,000 shares of Robinson World Wide Trade Ltd., which it sold and the sale proceeds were entered in the books of account. The fact that the assessee held shares of the above named company has been confirmed by the company itself - the requisite shares have been sold by the said broker on the Bombay Stock Exchange on the given dates albeit in the client code of a third person. The amount credited in the books of the appellant is received from M/s. D.P.S. Shares and Securities Pvt. Ltd. through banking channels. The existence of shares with the appellant in view of the same being in dematerialized form in the d'mat account of the appellant cannot be denied. The shares have been debited to the d'mat account of the appellant and have thus flown through the d'mat account on relevant dates - Following decision of Assistant Commissioner of Income-tax, Rg. 4(1), Mumbai Versus Claridges Investments & Finances (P.) Ltd. [2007 (8) TMI 481 - ITAT MUMBAI] - Decided against Revenue.
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