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2015 (2) TMI 546 - AT - Income TaxUnaccounted cash credit - share call advance money and unsecured loans from two creditor companies - CIT(A) deleted the addition - Held that:- The assessee has furnished various evidences to establish the identity of the creditor companies as extracted by the Commissioner of Income Tax (Appeals) in his order. We also find that directors were appeared before the Commissioner of Income Tax (Appeals). The Commissioner of Income Tax (Appeals) directed them to file bank details of which concerns they are directors. The information required by the Commissioner of Income Tax (Appeals) were also furnished. The Commissioner of Income Tax (Appeals) on examining all these details concluded that evidences conclusively proved that two creditor companies M/s. Top Grain Vyapar (P) Ltd. and M/s. Umang Commo Trade P. Ltd. do exist at the addresses given by them and therefore deleted the addition made by the Assessing Officer in respect of share call advance money and unsecured loans with the said creditor companies. None of the findings of the Commissioner of Income Tax (Appeals) were rebutted with any evidence by the Revenue. Thus uphold the order of the Commissioner of Income Tax (Appeals) in deleting the addition and reject the grounds raised by the Revenue. - Decided in favour of assessee.
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