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2016 (5) TMI 1455 - AT - Income TaxAddition u/s 68 - Additions on account of share capital/share application/share premium - huge share capital and share premium money were received by the assessee and other group companies during the periods under assessment - discharge of burden of proving the cash credit - Held that:- We find that while adjudicating the same issue in case of another group assessee namely, M/s. Bhatia International Ltd. we have held that the assessee could be able to discharge the burden of proving the cash credit as contemplated u/s 68 of the Act and have directed to delete the entire addition made by the Assessing Officer on account of share capital/share premium/ share application money. We find that the facts and circumstances of the present appeals of the assessee are the same with that of the appeal for assessment year 2002-03 (supra). The argument of both the parties are also the same and therefore, we direct to delete the addition made by the Assessing Officer on account of share capital/share premium/ share application money - Decided in favour of assessee
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