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2021 (3) TMI 1058 - AT - Income TaxAddition u/s 68 - acquiring shares of certain companies from certain shareholders without paying any cash consideration - HELD THAT:- Provisions of section 68 are not applicable in a case of acquiring shares of certain companies from certain shareholders without paying any cash consideration and, instead, considerations were settled through issuance of shares to the respective parties. In other words, provisions of section 68 of the Act does not apply to cases of purchase of shares and allotment of shares when the purchase and allotment are under a barter system. In this view of the matter, we do not find any infirmity in the order of the CIT(A) in deleting the addition of ₹ 6,75,00,000 /- (wrongly typed in the grounds as ₹ 6,76,00,000/-). Therefore, the ground of appeal No.1 raised by the Revenue is dismissed. Addition u/s 68 on the ground that the same is shown in the name of M/s Wamil Clothing Pvt. Ltd. and the summons issued u/s 131 was received back unserved - As order of the AO is very cryptic on this issue and the ld.CIT(A) has not at all given any finding on this issue. Considering the totality of the facts and in the interest of justice, we deem it proper to restore the issue to the file of the AO with a direction to give one final opportunity to the assessee to substantiate its case and decide the issue as per fact and law. We hold and direct accordingly. The second ground raised by the Revenue is accordingly allowed for statistical purposes.
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