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2020 (11) TMI 271 - AT - Income TaxAddition u/s 68 - fraudulent loan transactions - interim order of SE'BI on suspected banking transactions - CIT(A) deleted the addition by holding that assessee has furnished all the documents and details proving conclusively the three ingredients of identity, creditworthiness of the lenders and the genuineness of the transactions - HELD THAT:- As decided in own case order of SEBI proves that the matter regarding suspected banking transactions are not money laundering as alleged by the A.O in his order. Thus, basic reliance placed by the AO on SEBI order in itself is not valid today in the light of the fact cleared all the allegations. CIT(A) also held that the share application money received by the assessee is not be added u/s. 68 of the act having regards to the facts of the case wherein the same was doubted as an accommodation entry from the group of Pravin Kumar. From entity of facts and circumstances as narrated above, we find that A.O the AO has merely relied on the interim order of SE'BI in the case of M/s. Pyramid Satsmira instead of gathering any evidences to show that the unaccounted cash of the assessee has changed consequently, resulting in the cheque payment. The interim order of the SEBI has be reversed vide the final order dated 31.03.2015. CIT(A) also taken into consideration all the facts as narrated above. No new facts or contrary judgment/material has been brought on record to controvert the finding of the Id. CIT(A). We find no reason to interfere the findings so recorded by the Id. CIT(A). The contention of the Ld. D.R. that in the present year there is no SEBI investigation is correct, but the issue is same on merits and therefore the same is squarely covered by the decision of the co-ordinate bench of the Tribunal as stated above - uphold the order of Ld. CIT(A) by dismissing the appeal of the Revenue.
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