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2020 (12) TMI 69 - AT - Income TaxAddition made u/s. 68 - share capital/share premium received from shareholders - HELD THAT:- As in assessee’s group concerns case on identical facts the Tribunal deleted the addition as the assessee has discharged its initial onus to prove identity, genuineness of the transaction and creditworthiness of the parties by filing numerous documents. The addition was made without carrying out further enquiries in order to ascertain the claim of the assessee, AO jumped into conclusion on the basis of financial statements of subscribers that none of them had enough sources of income to establish creditworthiness, thus, the Tribunal deleted the additions. As assessee has discharged its initial onus to prove the identity, genuineness of the transaction and creditworthiness of the parties by filing all these documents direct the AO to delete the additions made towards share capital u/s. 68 - Decided in favour of assessee. Assessment u/s 153A - Disallowance u/s 14A - HELD THAT:- We delete the disallowance in the absence of any seized materials for making the disallowance u/s. 14A while completing the assessment u/s.143(3) r.w.s. 153A -AO was erred in making additions towards disallowances of expenditure, in relation to exempt income u/s 14A r.w.Rule 8D(2), in absence of seized materials - Decided in favour of assessee.
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