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2020 (12) TMI 209 - AT - Income TaxAddition u/s 68 - unexplained cash credits - HELD THAT:- The clinching fact, that has remained unrebutted from the Revenue side, is that the assessee had credited the impugned sum in lieu of share allotment issued to its three group concerns not only having common directors and shareholders but also they have the same address and assessed in the same jurisdiction. Three sister concerns' copy of master data details available in the Ministry of Corporate Affairs Portal, regular audited accounts for financial year 2010-11, IT Acknowledgements for assessment year 2011-12, audited accounts not only of the said assessment year but for the succeeding assessment year 2012-13 as well as 2013-14, bank statements as well as the three directors' affidavits confirming the impugned allotment followed by the very details regarding the tax-payer itself before the Assessing Officer during the course of scrutiny. All this sufficiently indicates that the Assessing Officer's action holding the assessee to have failed in filing the necessary details in support of the impugned share allotment money goes against the case records. Coming the Revenue's argument that the assessee had never produced any of the three investor parties, we find no merit since there was no such direction from the Assessing Officer's side to this effect. Be that as it may, we make it clear that the impugned share capital has come from the three group concerns only having the common directors/shareholders, address as well as assessment jurisdiction. We hold in view of these overwhelming facts and circumstances supporting the assessee's case that the CIT(A) has rightly deleted the impugned addition. - Decided in favour of assessee.
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