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2018 (12) TMI 1411 - AT - Income TaxReopening of assessment - share application money received by the assessee as its own concealed income introduced in the garb of share application money - Held that:- There is no dispute that the information received from the office of the DIT [INV], New Delhi triggered the proceedings and the Assessing Officer, taking a leaf out of the said INV report, proceeded to verify the transactions entered into by the assessee with the five companies mentioned elsewhere. There is also no dispute that all the transactions have been done through banking channel, duly recorded in the books of account of the assessee. When the assessee was asked to furnish details of share application money, the assessee not only filed confirmations but also copy of bank statement, report of income and copy of bank statement in which money was received. It is not the case of the Revenue that cash was found to be deposited in the accounts of five companies prior to subscribing the shares of the appellant company. It is also not the case of the Revenue that the assessee has produced cheques from the five companies by giving cash. No doubt there is a contradiction in the statement of Shri Waseem Gupta, but that alone cannot be a deciding factor once the corroborative evidences in the form of bank statements have been filed by the assessee. The Assessing Officer did not make any effort to examine the bank statement furnished by the assessee. - decided against revenue
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