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2022 (5) TMI 884 - AT - Income TaxUnexplained cash credit u/s 68 - Bogus share transaction - as per AO shareholders’ complete identification reflects that such identity is managed for layering and plans for unaccounted money - CIT- A deleted the addition - HELD THAT:- As sufficient enquiry have been made by the Ld. AO in respect to the share applicant whereupon confirmation has duly been made. Physical existences of all the shareholders have been proved and the genuineness of the transaction as well. We, therefore, with the above observation find that addition made under Section 68 of the Act does not fulfill the criteria laid down by the statutory provision and hence, taking into consideration the entire aspect of the matter the order passed by the Ld. CIT(A) in deleting addition is found to be justified, without any ambiguity so as to warrant interference. The appeal preferred by the Revenue is found to be devoid of any merit and thus, dismissed.
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