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2018 (9) TMI 1008 - AT - Income TaxAddition u/s 68 - unexplained share application money - Held that:- As gone through the orders of the authorities below. The revenue has not disputed with regard to the fact that the co-ordinate benches of this Tribunal in respect of share application money received from Javda India Impex Ltd. found that the party is genuine and transaction was treated to be genuine. There is no change in the facts and circumstances. However, in respect of the other share applicants, assessee has not brought any material to rebut the finding arrived by the authorities below, hence we direct the A.O. to delete the addition of ₹ 25 lakhs in respect of share application money received from Javda India Impex Ltd. The ground raised in this appeal is partly allowed. Addition u/s 14A - Held that:- There was no exempt income during the year under appeal, therefore, respectfully following the decision rendered by Hon'ble Delhi High Court in the case of Cheminvest Ltd. Vs. CIT-IV [2015 (9) TMI 238 - DELHI HIGH COURT]. Penalty u/s 271(1)(c) - Held that:- In view of the binding precedent of the Hon'ble jurisdictional High Court in the case of PCIT Vs. Kulwant Singh Bhatia [2018 (5) TMI 960 - MADHYA PRADESH HIGH COURT] we hereby set aside the order of Ld. CIT(A) and restore the issue to his file for deciding the facts in the light of the judgement
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