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2022 (10) TMI 1146 - AT - Income TaxAddition u/s 68 - unexplained cash credit received by the assessee by issuing equity shares at premium - summon issued u/s 131 of the Act to the director of the assessee company remained uncomplied with whereas the AO has not pointed any defect or deficiency in the evidences/details produced qua the said investments by assesse as well as by the investing companies - HELD THAT:- The case of the assessee is squarely covered by the decision PCIT vs. Ambition Agencies Pvt. Ltd. [2021 (11) TMI 750 - CALCUTTA HIGH COURT] wherein the Hon’ble Court has held that where thein the appellate proceedings, the Ld. CIT(A) after calling remand report from the AO on the issue of share application had allowed the appeal of the assessee after following the observations of the AO in the remand report stating therein that transactions of the share holders were duly cross-verified. Hon’ble Court upheld the view taken by the Tribunal where Tribunal upheld the order passed by the Ld. CIT(A) deleting the addition on the basis of remand report nonetheless the addition was made in the original assessment order by the AO for the want of information/details u/s 68 of the Act. Similarly the case of assessee find support from the decision of Hon’ble Supreme Court in the case of PCIT vs. Paradise Inland Shipping Pvt. Ltd. [2018 (7) TMI 1105 - SC ORDER] as upheld the order of Hon’ble High Court wherein the Hon’ble High Court has taken a view that the assessee has proved genuineness of the transactions after the assessee filed voluminous documents from the public offices and also brought on records the assessment orders passed in the case of said companies. We uphold the order of Ld. CIT(A) by dismissing the appeal of the revenue.
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