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2015 (6) TMI 37 - AT - Income TaxReopening of assessment - Addition u/s 68 - Held that:- while recording the reasons by the AO, the AO has mentioned the names of three firms namely Hillridge Investment Ltd; Nisha Holdings Ltd and Shalini Holdings Ltd. and stated that the AO had issued notice u/s 148 in respect of the share application money of M/sShalini Holdings Ltd. We also find that vide the order sheet entry 27.10.2009 and 4.11.2009, the AO called the details of three parties and in response thereto the assessee filed complete details of share application money as allotted, Board Resolution, name and address of allottees and copy of challans, copy of Form No. 2 as filed with ROC, copy of bank certificate, confirmation letter with copy of incorporation certificate and income tax acknowledgement, balance sheets etc. before the AO., The AO examined the same and completed the assessment u/s. 143(3) of the I.T. Act, meaning thereby the AO has examined all the details, creditworthiness of the transactions and identity of the creditor, hence, in view of the above, the reassessment proceedings initiated u/s. 147/148 are illegal and is liable to be quashed - Decided in favour of assesse.
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