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2017 (1) TMI 247 - AT - Income TaxAdditions made u/s. 68 - main reason for making the addition was that the shareholders have deposited cash in some other bank account which have come to the depositors with banking channel, and then transferred to assessee thus the genuineness of the transactions was doubted - Held that:- AO has not pointed out any evidence which shows that amount invested by these companies were not owned by these companies and the money belong to the assessee. Needless to say that when the assessee has furnished the confirmations, Income Tax Returns, Bank Statements of Borrowers, it cannot be said, without brining into additional evidences which even remotely suggests that the transactions are ingenuine, ld. AO cannot say that the amount invested by the depositors is income of the assessee under section 68 of the I.T. Act. Further, the LD DR could not point out before us and infirmity in the order of the ld CIT (A) in deleting the addition. Further, we also do not find any infirmity in the order of the Ld. CIT(A) in deleting the additions of ₹ 5.20 Crores with respect to 17 companies to whom the share were issued. In the result, both the grounds of appeal of the revenue are dismissed - Decided in favour of assessee
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