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2018 (7) TMI 67 - AT - Income TaxUnexplained investment - addition u/s 69 - hawala transactions - Held that:- The payment of securities purchased by the assessee has actually been made several months after the purchase thereof, which is abnormal for such type of transactions. It is also undisputed fact that the aforesaid entity, in terms of several judicial pronouncements of this Tribunal, has been found to be a mere paper entity engaged in providing accommodation entries of varied nature as per the requirement of the assessee. The only point of contention as raised by Ld. AR before us is that the addition u/s 69 as unexplained investment could not be made since the transactions were recorded in books of account and payment was through banking channel do not appeal to us since once it is found that the transactions were merely bogus in nature without carrying out any actual transactions, the receipt thereof in the books could not be held to be genuine. - Decided against assessee.
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