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2019 (5) TMI 1954 - ITAT KOLKATAAddition u/s 68 - Unexplained share capital - CIT(A) has disallowed the same on the ground that the share application money, in question, was received in the earlier year and not in the current year and hence no addition can be made u/s 68 in current year - HELD THAT:- As DR could not controvert these factual findings. In the result, we uphold the same and dismiss this ground of Revenue. Addition being loan taken from K.G. Construction - HELD THAT:- We find that the ld. CIT(A) after producing the letter of M/s K.G. Construction dated 13.02.2015 at Page No.9 of his order and giving a finding that some of the papers are apparently missing from assessment folder - Having regard to the papers furnished by the appellant in early stages of assessment, the reply of K.G. Construction confirming the transaction and its identity by furnishing copies of several relevant documents and also considering the fact that insistence on personal appearance of Directors of K.G. Construction was suddenly raised in the last half of March, 2015, we get the impression that the A.O was looking for some excuse to make some addition. A.O did not show any inclination to examine the partners of K.G. Construction in early stage of assessment proceedings or at least before reasonable length of time from the time barring dead line - AO had no reasonable basis to make addition of loans claimed to have been taken from K.G. Construction - Decided against revenue.
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