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2019 (5) TMI 1748 - AT - Income TaxAddition u/s 68 - share application monies from bodies corporate who were independently assessed to tax - Whether when the share applicant companies have been taxed on the source of funds in their accounts then an addition can be made u/s 68 - HELD THAT:- Share applicant company have been assessed to tax u/s 143(3) of the Act and the source of money in question was brought to tax in their hands, we uphold the order of the ld. CIT(A) that no additions can be made in the case of the assessee company. Coming to the argument arise to the Ld. D/R that the share premium received was excessive, we find that no query has been done by the Assessing Officer in this regard. In the case on hand both the companies have proved their identity and have confirmed the transactions and have disclosed the sources and the revenue has assessed the same in their hands. - the facts of the present case are different from the facts on the case of Trenetra Commerce & Trade(P) Ltd [2016 (10) TMI 974 - CALCUTTA HIGH COURT] as relied upon by revenue - the decisions relied upon by the ld. Counsel for the assessee are applicable to the case on hand, as both the shareholder companies have been assessed tax u/s 143(3) of the Act and in this scrutiny assessment the source of fund had been brought to tax. Thus, we uphold the order of the ld. CIT(A) and dismiss the appeal of the revenue.
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