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2017 (2) TMI 342 - HC - Income TaxAddition u/s 68 - ITAT ruled that the additions were unwarranted - Held that:- The appellant has adduced the documentary evidences in support of the transaction in question. The identity of the purchasers of the shares was established as it was borne on the record of the Income Tax Department. The purchasers have PAN card as well. ITAT discounted the Revenue’s submissions that the investment shown in the book of accounts and reflected as assets in the side of the balance sheet, should have been properly treated and that in the absence of such treatment Section 68 applies. The ITAT rejected this contention and held - based upon the principles enunciated in CIT v. Vishal Holding & Capital Pvt. Ltd. (2010 (8) TMI 634 - DELHI HIGH COURT ) that the invocation of Section 68 in the circumstances is unwarranted. - Decided n favour of assessee
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