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2021 (6) TMI 569 - AT - Income TaxRevision u/s 263 - undisclosed of share application and share premium - HELD THAT:- Assessee failed to bring any material that issue related with the transaction of share application money and share premium of all these three entities was examined by AO. No submission with regard to the identity, creditworthiness or genuineness of the transaction of these three companies were made before us. Assessee rather insisted that assessment order is illegal and bad in law. We find that none of the case law relied by the assessee is helpful to the assessee. As during the assessment the assessing officer has not examined the issue related with the receipt of share premium received form three companies i.e. identity, creditworthy and genuineness of transaction of the share application and share premium, nor added to the total income of the assessee. In our view the failure of AO to examine the above facts during the assessment proceedings the assessment order is not only erroneous but prejudicial to the interest of the Revenue. Thus, the twin conditions of the provisions of section 263 is fulfilled. Hence, we affirm the order of ld. PCIT. In the result the grounds of appeal raised by the assessee are dismissed.
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