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2015 (6) TMI 179 - AT - Income TaxReopening of assessment - addition u/s. 68 - Held that:- Once the identity of the share holder have been established, even if there is a case of bogus share capital, it cannot be added in the hands of company unless any adverse evidence is not on record. The facts and circumstances of the present case are similar and identical to that of the aforesaid case i.e. ITO vs. Neelkanth Finbuiltd Ltd. (2015 (6) TMI 163 - ITAT DELHI) in which both of the Members were the parties wherein the issues in dispute are decided in favor of the assessee. Respectfully, following the precedent of the Coordinate Bench as aforesaid, we quash the orders of the authorities below and delete the addition of ₹ 30,00,000/- made u/s. 68 of the Act by the AO on the allegation of unexplained credits of share application - Decided in favour of assessee.
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