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2017 (6) TMI 1353 - AT - Income TaxAddition u/s 68 - Bogus share application money - HELD THAT:- There is no doubt about the identities of the companies. However, the genuineness of the transaction of the share application is proved by the confirmation and bank account. The confirmations have been submitted and the transaction has been made through Axis Bank vide different cheques and the copy of Bank Account has been furnished. The assessee even furnished before the AO the set of Balance sheet, the copy of acknowledgment of Income Tax Return and the copy of share application, the copy of the Board Resolution for the application for shares. CIT(A) has rightly relied upon the judgment of Lovely Exports Pvt. Ltd [2008 (1) TMI 575 - SC ORDER] as referred by the Ld. AR of the assessee before him and hence, rightly deleted the addition of ₹ 3,00,00,000/-, which does not need any interference on our part, therefore, we uphold the action of the Ld. CIT(A) on the issue - Decided in favour of assessee. Addition of gross receipts to the overall returned income - Addition to total profit @9% of receipts - HELD THAT:- CIT(A) after considering the affidavit of the Managing Director of the company and also the submissions of the AR had observed that there is no doubt about the intentions of the assessee as they had agreed for the addition of 9% of the receipts of the work contract. Hence, Ld. CIT(A) has rightly directed the AO to take the profit at 9% of gross receipts and account for the profit already shown in the P&L Account, which does not need any interference on our part, hence, we uphold the action of the Ld. CIT(A) on the issue in dispute and dismiss the ground no. 2 raised by the Revenue. We further note that since the Assessee has not filed any Application under Rule 46A of the I.T. Rules, 1962, hence, the question of contravention of Rule 46A does not arise. - Decided against revenue.
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