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2019 (3) TMI 492 - AT - Income TaxUnexplained cash credit u/s 68 - Share applicants were not creditworthy - falure to produce share applicants - shares subscribed at such a higher premium - HELD THAT:- AO has specifically directed production of these share applicants. But the assessee failed to produce them. There is no justification at the end of the assessee to demonstrate that these shares could be subscribed at such a higher premium that too by a marginal person who has very nominal income. They are not family members, who have some interest in the company. The ld.CIT(A) has appreciated this aspect. It is also noted that in their accounts identical amount of deposits were made before issuance of cheques for share applications - decided against assessee.
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