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2022 (8) TMI 744 - AT - Income TaxAssessment u/s 153A - no justification of issuing share of Rs.10 as such huge share premium - Assessee objection was that out of share capital and share premium has been shown without any incriminating material - absence of incriminating material, on the basis of which the additions have been made - HELD THAT:- We find that no such ground was taken before the Assessing Officer. It is clearly emanating from the orders of the authorities below that plethora of documents which were incriminating in nature were found during the search including that of the bogus entry operator. Hence, the claim that no incriminating material was found devoid of any merit when the AO was confronting the assessee, he never pointed any such aspect and only after considerable lapse of time, he had an afterthought and made plea before the Ld. CIT(A). The Ld. CIT(A) rightly and cogently rebutted the assessee’s plea. Hence, in our considered opinion, the plea that the addition was made dehors incriminating material is devoid of merit. Addition u/s 68 - Undoubtedly money routed through bogus companies operated by entry operators. No discussion about the details of the financial aspects is available on record nor the financials of the assessee company command share premium. As usually bogus entry operator use circuitatious route of laundering unaccounted money in the garb of share capital and share premium. This is one of the classic such case, the complete absence or non-existence of the parties at the address given is a clinching testimony that these were bogus transactions. In this view of the matter, in our considered opinion, there is no infirmity in the orders of the authorities below and hence we uphold the same. Decided against assessee.
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