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2018 (6) TMI 403 - AT - Income TaxAddition on account of share capital treating the same as unexplained cash credit under Section 68 - Held that:- Even if the issue of share capital is taxed no addition can be made in assessee’s hands if identity of share holder is established. The assessee is not required to show source of shareholders funds. See case of Shri Ram Tie Up Pvt. Ltd,. (2018 (3) TMI 1403 - ITAT KOLKATA). Set aside the order passed by the authorities below on the issue in dispute and restore the matter to the ld. AO to decide the same denovo upon giving a reasonable opportunity of hearing to the assessee upon taking into consideration the entire evidence already placed before the authorities below as well as other documentary evidences which the assessee may choose to file in support of his case on the issue. Appeal of the assessee allowed for statistical purposes.
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