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2015 (3) TMI 352 - AT - Income TaxBogus accommodation entry received from entry operator - addition u/s 68 deleted by CIT(A) - Held that:- In the present case it is an admitted fact that the assessee furnished the evidences to prove the identity of the creditors/share applicants by furnishing their PAN number and copy of acknowledgment of Income-tax Return. The amount on account of share application was received through banking channel, copies of the confirmation alongwith affidavit of the parties were furnished. The assessee also furnished the copy of share application forms, copy of Form no. 2 filed with Register of Companies (ROC), showing allotment of shares to the applicants. Therefore, the assessee discharged the onus cast upon it, as such the ld. CIT(A) was fully justified in deleting the impugned addition made by the AO. Furthermore the ld. CIT(A) while deciding the issue in favour of the assessee relied upon the judgment of CIT Vs Dwarkadhish Investment Pvt. Ltd. (2010 (8) TMI 23 - DELHI HIGH COURT) and CIT Vs Lovely Exports (P) Ltd. (2008 (1) TMI 575 - SUPREME COURT OF INDIA), therefore, we do not see any infirmity in the order of the ld. CIT(A) and accordingly do not see any merit in this appeal of the department. - Decided against revenue.
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