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2018 (6) TMI 1755 - AT - Income TaxUnexplained credit u/s 68 - HELD THAT:- We find that the share application money has been received by the assessee through the banking channels and therefore, the identity of the parties is established. As far as the genuineness and the creditworthiness are concerned, the AO had issued notice to all the three parties. The assessee has also filed confirmation letters from two of the parties and we find that the PAN of the said companies is also given in the said letters. AO has recorded that there is no response from Basukinath Developers (P) Ltd, inspite of service of notice, and the notices to other parties has been returned unserved. There is no evidence on record that this fact has been confronted to the assessee and that the assessee was asked to produce the parties and prove the creditworthiness of the said parties. In such circumstances, when the assessee is not confronted with the return of notices, it is not understandable as to how the assessee is expected to discharge its onus. However, the assessee also has not submitted any evidence with regard to Uplink Vyapar Pvt. Ltd and the copy of the confirmation letter filed in paper book, cannot be considered, as it was not filed before the authorities below earlier. We confirm the addition allegedly received from Uplink Vyapar Pvt. Ltd, Kolkata. As far as the other two parties are concerned, we deem it fit and proper to remand the issue to the file of the AO for reconsideration in accordance with law after giving the assessee due opportunity of producing the parties to prove their creditworthiness.- Assessee’s appeal is partly allowed for statistical purposes.
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