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2022 (1) TMI 1024 - AT - Income TaxAddition u/s 68 - genuineness, creditworthiness and identity of investors not proved - HELD THAT:- The appellant company has sufficiently and reasonably discharged its primary onus under Section 68 of the Act by producing all relevant required documents as asked for by the Revenue. It also appears that the Ld. AO completely relied upon the loose papers and documents found and seized from the premises of third party i.e. SCS which even do not contain any noting of receiving or paying cash which could at all lead to the allegation of accommodation entries by the Ld. AO. Finally considering factors inter alia the status of all three companies in question as active as per the Ministry of Corporate Affairs ought not to have been treated as paper/sale companies. All the above facts and flaws have been carefully considered by the Ld. First Appellate Authority in its proper perspective. No ambiguity in the order passed by the First Appellate Authority in deleting the addition made by the Ld. AO so as to warrant interference. Hence, the appeal preferred by Revenue dismissed.
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