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2015 (12) TMI 1185 - HC - Income TaxAddition under Section 68 - ITAT deleted the addition - Held that:- ITAT was fully justified in coming to the conclusion that there exists no evidence to establish that there was any re-routing of the money collected by the Respondent-Companies. None of the shareholders denied having contributed to their share capital. The Revenue has not been able to show why the decision of the Supreme Court in CIT v. Lovely Exports (P) Ltd. (2008 (1) TMI 575 - SUPREME COURT OF INDIA ) does not apply to the facts and circumstances of the case. The Court accordingly concludes that in the present appeals the Revenue has not been able to show that the impugned decision of the ITAT in its analysis of the facts or application of the law governing Section 68 of the Act suffers from any legal infirmity. - Decided in favour of assessee.
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