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2017 (7) TMI 1202 - HC - Income TaxAdditions made u/s. 68 - undisclosed income of the assessee - share application did not have the means to make investment - Tribunal deleted the addition - Held that:- All the share applicants stand identified. The assessee has provided PANs of the share applicants. The mode of payment has also been made explained. There is no direct or indirect relation between the assessee company and the share applicants. The statements recorded during survey has got no evidentiary value without any supporting documents or evidence. - See Commissioner of Income Tax vs. Value Capital Services P. Ltd.[2008 (4) TMI 263 - DELHI HIGH COURT] Taking into consideration all the company cannot be assessed for the income tax to find out the person who has applied as share holder. The view of taken by the Tribunal is just and proper, therefore, the issue is answered in favour of the assessee and against the department.
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