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2022 (1) TMI 984 - AT - Income TaxAddition u/s 68 - unexplained share application money received and loan obtained - HELD THAT:- All evidences proved the genuineness and creditworthiness of the investors. Moreover, the addition was made on the basis of the statement of Mr. Praveen Kumar Jain but Praveen Kumar Jain had retracted from his statement. Therefore addition can not be made on the basis of statement with has been retracted. Non genuine loans u/s 68 - As assessee has filed the copy of ledger account , confirmation, PAN bank statement, ITR and audited annual accounts both the lenders which are also available in the paper book which showed the transactions in question are proved by the assessee. In this regard, we also place reliance upon the decision of CIT Vs. A.L. Lalpuria Construction Pvt. Ltd [2013 (10) TMI 316 - RAJASTHAN HIGH COURT] and PCIT Vs. Texraj Reality Pvt. Ltd. [2018 (7) TMI 1561 - GUJARAT HIGH COURT] The assessee has given the sufficient documentary proofs to prove the transactions which areon record. The Hon’ble ITAT in the case of Diwali Capital & Finance Pvt. Ltd. [2019 (1) TMI 681 - ITAT MUMBAI] and Blue Stock Investment Pvt. Ltd. [2018 (10) TMI 1633 - ITAT MUMBAI] has held that the sufficient evidences have been given by the assessee qua the money raised , the no the addition towards the loan/share application money could be made - Decided in favour of assessee.
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