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2021 (7) TMI 832 - AT - Income TaxAddition u/s 68 - Addition/action of AO in respect of share capital and premium infused into the assessee company HELD THAT:- An opportunity is being given to the assessee to produce the director of investor companies as well as itself to the satisfaction of the AO to prove identity, creditworthiness and genuineness of the share capital and premium infused into their account. And the AO after giving proper opportunity to the assessee, to pass assessment order considering the documents and material produced post/pre this order and after appreciation of entire evidence the AO to decide the issue in accordance with law. And the assessee is at liberty to produce all documents & written submission before the AO to substantiate/clarify the observation of AO in the assessment order dated 30.12.2016 and needless to say that if AO is intending to use any third party statement against the assessee, then the assessee may be given a copy of the statement/material and opportunity to cross-examine the maker of the statement. With the aforesaid observation, the impugned order is set aside, and the matter is remanded back to AO for fresh consideration and to give opportunity to assessee to produce the director of sixteen investor companies in accordance to law. Appeal of the assessee is partly allowed for statistical purposes.
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