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2022 (11) TMI 191 - AT - Income TaxUnexplained cash credit u/s 68 - Share capital with premium received from three corporate entities unexplained - HELD THAT:- Since the assessee has sufficiently explained the identity and creditworthiness of the share subscriber companies and the genuineness of the transaction of applying for to the equity shares of the assessee company and since nothing contrary to the evidence filed by the assessee has been placed on record by the Revenue, except the reason that the directors failed to appear to the notice issued u/s 131 of the Act, we fail to find any merit in the finding of the CIT(A). We are thus inclined to hold that the assessee has successfully explained the said transaction of receiving share premium and share capital and therefore provisions of section 68 of the Act cannot be invoked. Allow the Ground raised by the assessee and delete the additions made u/s 68 - Decided in favour of assessee.
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