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2022 (7) TMI 553 - AT - Income TaxAddition u/s 68 - Unexplained Share premium and share application money - HELD THAT:- We find that in the case in hand, the investors throughout have confirmed the investment and no material has been led by the AO to even allege that such investment was made from the coffers of the assessee company as it is not the case of the Revenue that the assessee has purchased cheque by paying cash to the investor company. The investors are corporate entities duly assessed to tax and have made investment through banking channel from their own sources which fact has neither been denied nor rebutted in the assessment nor by the first appellate authority. Considering the facts of the case in totality, we are of the considered opinion that the assessee has discharged the primary onus cast upon it by provisions of section 68 - It is not the case of the Revenue that the assessee is a beneficiary of accommodation entry. The Assessment Year under consideration is Assessment Year 2012-13 and for this Assessment Year, the assessee is not required to establish source of source. In view of the evidences brought on record and referred to hereinabove, we direct the Assessing Officer to delete the addition - Appeal of assessee allowed.
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