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2015 (9) TMI 1643 - AT - Income TaxAddition treating the amount of share application money received as income of the assessee - Held that:- The statement of Bank of Baroda of Satco reflecting the payment of four cheques to STSPL for sale of its own investment/shares of stock exchange was also filed before the lower authorities. Our attention was also invited to the contract note of Satco dated 3-9-2007, 4-9-2007, 5-9-2007 & 7-9-2007 reflecting the sale of shares/investments by STSPL on the stock exchange with trade date and also the order number, order time, trade number, trade time, name of shares, quantity, rate, service tax, STT charges, total amount of settlement, settlement period etc. Demat account of STSPL with Satco-CDSL showing debit of investment/shares sold was also placed on the record. The STSPL audited annual accounts, computation of income, assessment order under section 143(3) for assessment year 2008-09 & 2009-2010 duly reflected and the aforesaid amounts received from Satco and paid by STSPL towards 50% share application money was also placed on record. No justification in the addition made by the AO in respect of share capital received by the assessee for which not only identity but the source and genuineness was duly established. - Decided in favour of assessee.
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