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2018 (6) TMI 1330 - AT - Income TaxReopening of assessment - Unexplained cash credit u/s 68 - Held that:- In the instant case no enquiries which have been confronted to the appellant despite specific request and as such, there is no material which could enable the learned Assessing Officer to form an opinion that income of assessee has escaped assessment so as to allege that share capital represented accommodation entries. As there is no tangible material and therefore, action under section 148 of the Act is invalid. Even on merits, it is noted that the issue is squarely covered by order of the Tribunal in the case of ACIT vs. M/s. Kapis Impex Pvt. Ltd [2018 (3) TMI 1607 - ITAT DELHI]. The findings of the CIT(A) remain unrebutted and the conclusion of the CIT(A) to delete the addition by holding that once shareholders do exist, have their own independent identity, source of income, maintain books of accounts, carry on their business and earn income from investments not only in assessee but also shares of other companies, then the inevitable conclusion is that they are not paper companies is upheld and the addition in dispute is deleted - Decided in favour of assessee.
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