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2015 (4) TMI 1236 - ITAT HYDERABADUnexplained money - unexplained receipt of share application money - Held that:- AO gives a finding that the money was received from one company and in turn was invested in another company. There is no finding that money received was unexplained. Invoking the provisions of Section 68 / 69 require a finding by AO that the credit is un-explained. There is no such finding either in the assessment order or in the Remand Reports. Just because another Government authority is investigating the fund flow, it cannot be conclude that the funds received by assesseecompany are un-explained. No reason to interfere with the order. However, this finding is only with reference to the provisions of the Act and should not come in the way of CBI investigating the various sources of funds and Revenue is free to take necessary action in case the funds are found to be un-explained. - Decided against revenue
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