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2016 (1) TMI 31 - AT - Income TaxAddition u/s. 68 - bogus share application money/share premium received by the assessee company - CIT(A) deleted the addition - Held that:- The AO has also raised doubts on the genuineness of the share application money on the premises that it is at abnormally high premium, even where the shares of the applicant company are not listed. On this issue it is observed that such features are trigger for further investigation but the matters ends at this point & the AO is enquired to investigate the issue independently and through corroborative evidences and cannot for this fact of abnormal premium the very basis for making addition u/s. 68 The first appellate authority has passed well reasoned order by passing a speaking order. He has also considered various judicial pronouncements and the relevant provisions of law. Substantial evidences were found available on record and the same were properly considered by the ld. CIT(A) impugned order. The learned DR could not be able to rebut the findings elaborately recorded by the ld. CIT(A). We are, therefore, of the view that the impugned order of the ld. CIT(A) does not call for any interference. Therefore, the impugned order is liable to be upheld and the appeal of the Revenue deserves to be dismissed. - Decided in favour of assessee.
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