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2019 (2) TMI 818 - HC - Income TaxAddition u/s 68 - Addition being amount of share application money received by the assessee during the year - Held that:- We note that the finding of the Tribunal is essentially a finding of fact which has been rendered after making reference in detail to the documents on record which establish the identity, capacity and genuineness of STSPL to make the investment. In this case, the respondent has gone beyond the requirement of the law as existing in the subject assessment year 2008-09 by having explained the source in terms of Section 68. Besides, the reliance by the CIT (A) on the decision of McDowell (1985 (4) TMI 64 - SUPREME COURT) is not applicable to the facts of the present case. The Apex Court in decisions in the cases of Union of India & Anr. Vs. Azadi Bachao Andolan & Anr (2003 (10) TMI 5 - SUPREME COURT) and Vodafone International Holdings B.V. Vs. Union of INdia & Anr. (2012 (1) TMI 52 - SUPREME COURT OF INDIA) also held that principles laid down in the case of McDowell (supra) is not applicable across the board to discard an act which is valid in law upon some hypothetical assessment of the real motive of the assessee . Thus, imputing a plan on the part of the respondent assessee and STSPL to evade tax without any supporting evidence in the face of the detailed facts recorded by the impugned order of the Tribunal, is not justified. - Decided against the revenue.
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