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2017 (7) TMI 304 - AT - Income TaxAddition u/s 68 - unexplained share application money - proof of genuineness - Held that:- The creditworthiness of Shri Harnek Singh stood proved by virtue of the copy of account of commission agent showing availability of sufficient funds on the date of making investment in assessee’s company coupled with the statement of Shri Harnek Singh affirming the investment made in assessee company and explaining the source of the same as being out of his agricultural produce sold. Share application money to the extent of ₹ 4,50,000/- has not been proved to be genuine in the absence of creditworthiness of the applicants to make the same. The same has been held on the basis of facts on record. Merely because no addition has been made in the case of other share applicants in allegedly identical circumstances, it cannot be the reason or basis for deleting the addition made in the case before us, because it does not change the fact situation which calls for making addition. Even otherwise we find that the Ld Counsel has only placed copies of bank statements and the statements recorded of the other share applicants, which in our view does not demonstrate that the facts were identical in all the cases.We therefore find no merit in this argument of the Ld.Counsel for the assessee and reject the same. We uphold the order of the CIT (Appeals) making addition u/s 68 on account of share application received to the extent of ₹ 4,50,000 and delete the balance amounting to ₹ 3 lacs pertaining to share application money invested by Shri Harnek Singh. - Decided partly in favour of assessee.
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