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2022 (5) TMI 543 - AT - Income TaxAddition u/s 68 - share application money invested by the share applicants are unexplained cash credit - CIT-A deleted the addition - HELD THAT:- AO rightly found that, assessee has not discharged the burden of proving the genuineness and creditworthiness of the source of the cash credit of the 4 share applicants worth Rs. 4.5 crores. Beside the same, the addition has been made by the Assessing Officer based on the Report of the Investigation wing and other materials. But the learned CIT (Appeals) has neither discussed the said facts and nor even mentioned regarding the full exercise and investigation done by the Assessing Officer and the findings made thereon. The CIT (A) has not even discussed how the judgment of Hon’ble Supreme Court in the case of CIT Vs. Stellar Investment Ltd. [1991 (4) TMI 100 - DELHI HIGH COURT] and the judgment of Delhi High Court in the case of Sophia Investment Ltd [1993 (8) TMI 62 - DELHI HIGH COURT] are applicable to the facts and circumstances of the case apart from mentioning the same in his order. Therefore, in our considered opinion, if the matter is restored to the file of CIT (Appeals) for fresh adjudication after verifying the materials on record with a direction to pass speaking order, the substantial justice would be rendered. - Decided in favour of revenue for statistical purposes.
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