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2016 (11) TMI 387 - AT - Income TaxUnexplained cash credit u/s 68 - assessee unable to explain the sources of the introduction of fresh share capital/share application - Held that:- The assessee has admitted that these share capital/share application money raised by the assessee to the tune of ₹ 3,19,35,000/- were fictitious and bogus entries and in-fact no such share capital/share application money was ever raised by the assessee and the fictitious entries in the books of accounts are now removed/eliminated to reflect true and fair state of affairs of the assessee company which has now been audited by auditors of the assessee company and the same has been filed with Ministry of Corporate Affairs, Government of India O/o Registrar of Companies and receipted challans are enclosed in the paper book-II filed with the Tribunal containing additional evidences . It is settled position of law that only real income can be brought to tax and mandate is to bring income to tax as per authority of law. These additional evidences in our considered view goes to the root of the matter and needs to be admitted and adjudicated on merits in order to advance substantial justice and we admit these additional evidences filed by the assessee vide page 43-148/paper book-II . However, the contentions of the assessee and the additional evidences so filed by the assessee need verification by the authorities below and hence we are of the considered view that in order to identify and assess the real income of the assessee and to advance substantial justice, the matter/issue under this appeal need to be set aside and restored to the file of the ld. CIT(A) for de-novo determination of the issue on merits - Decided in favour of assessee for statistical purpose.
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