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2021 (12) TMI 1070 - ITAT CHANDIGARHAddition u/s. 68 - Unexplained share application money - Unexplained Share Capital and Share Premium - HELD THAT:- In this case, the impugned additions have been made because of the reason that the assessee was not able to produce the necessary evidences to prove the genuineness of the transactions relating to the share capital, share premium and unexplained loans. The assessee had duly explained the reasons for his inability to produce the relevant documents during the assessment proceedings as well as in the quantum appeal proceedings before the Ld. CIT(A) - assessee has been able to procure the evidences from the concerned parties including the confirmations and details of bank account etc. to prove the creditworthiness of the investor and genuineness of the transactions, which evidences have been duly considered by the Ld. CIT(A) in penalty appeal and he has deleted the penalty so levied by the AO in respect of the impugned additions made by the Assessing officer. Under the circumstances, it seems that the assessee has a fair case on merits. In our view, interest of justice will be well served, if the assessee is given an opportunity to produce the relevant evidences before the Assessing officer.The impugned order of the CIT(A) is set aside and the matter is restored to the file of the Assessing officer for decision afresh. Appeal of the assessee is treated as allowed for statistical purposes.
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