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2018 (1) TMI 1075 - AT - Income TaxAddition u/s 68 - unexplained cash credit - non providing Proper and reasonable opportunity - Held that:- Proper and reasonable opportunity was not provided during the course of assessment proceedings because copies of confirmation, ITR, Balance Sheet of all the companies who invested in share capital in the assessee company were duly filed during the assessment proceedings to prove the identity, genuineness and credit-worthiness whereas the same have been overlooked by AO. Also AO lost sight of the fact that the shares allotted to investing companies were not bought back till date and are still existing in the name of investing companies. As per record it reveals that sufficient compliance was made to notice issued u/s 133(6) of the I.T. Act, 1961 of the investing companies on 17.02.2015 establishing the fact of all these entities genuinely existed, which has been overlooked by the A.O. Further it is noted that since statement of Sh. Sanjeev Jain, Chairman of M/s Surya Vinayak Industries Ltd. was recorded on 25.11.2013 by Investigation Wing, New Delhi during the course of post search proceedings wherein he has completely denied giving any accommodation entry and clarified that the amount was given on account of genuine business transaction. Thus the issues in dispute are remitted back to the file of the AO to decide the issues in dispute afresh - Assessee’s Appeal is allowed for statistical purposes.
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