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2015 (2) TMI 1032 - AT - Income TaxUnaccounted share application money - CIT(A) confirmed addition u/s. 68. - Held that:- By considering the relevant record produced by the assessee, we find that the assessee has discharged its onus to prove that the payment in question on account of refund of share application money to these three parties have been made by Nath Industrial Chemical Ltd. and Nath Paper & Pulp. Though the CIT(A) has raised a question about the takeover agreement to verify whether liability of repayment was part of the takeover agreement or not however, it is pertinent to note that when the assessee has produced the relevant record to establish that the payment was made by Nath Group of Companies then the takeover agreement will not change the fact of payment made by these companies. Accordingly, in the facts and circumstances of the case, we hold that the assessee has proved the fact that the repayment of application money of ₹ 51,20,000/- was made to these three companies through Nath Group of companies and therefore, addition made by the AO of this account is not sustainable and accordingly deleted. - Decided in favour of assessee.
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