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2014 (10) TMI 427 - AT - Income TaxAddition of cash credit u/s 68 – Genuineness of the transactions, identity of the cash creditor and creditworthiness of the cash creditors - AO was of the view that the assessee had increased share capital to the tune of ₹ 3 crores - Held that:- During the course of search, relevant to AY 2009-10, no incriminating documents were found in Kamdhenu group cases - appellant filed confirmation of PAN No. addresses of the subscribers & company master detail of ROC - The share capital was received through proper banking channels - The AO collected information u/s 133(6) of the Act, which was served on all the subscribers - therefore, these are the sufficient proof of identity, genuineness and creditworthiness of the subscribers - AO heavily relied upon the Inspector's report, which was against the natural justice as the copy was provided on 06/6/2011 to the appellant whereas assessment order was completed by the AO - Jawahar market is evident from the copy of bank account of subscriber, on which this address had been mentioned as well as on master detail of ROC - The share capital was subscribed in FY 2005-06 and inquiries were made in FY 2010-11 - There is a time gap of near about 5 years, the share applicant might have changed their addresses, which could be verified from the ROC by the AO to substantiate his findings, which has not been done by him - CIT(A) has called for remand report from the AO on furnishing of copy of bank account of M/s Megatronics Systems Pvt. Ltd. at the time of appellate proceedings – revenue has not controverted the findings given by the CIT(A) – Decided against revenue.
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