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2022 (11) TMI 532 - AT - Income TaxAddition u/s. 68 - unexplained share capital and premium - HELD THAT:- The assessee company did not furnish the aforesaid details before the ld. AO, which means that the assessee right from the very beginning did not want to reveal the identity and address of its directors, even its own proper address. The facts are apparent that the assessee company might be a paper company incorporated for the purpose of routing unexplained funds in the shape of share application and share premium. Though the assessee company was represented through a Ld. Counsel not only before the ld.AO, but also before the CIT(A), but at the same time, the assessee company concealed its own identity, address as well as the identity and address of its directors. The motive being that in case the assessee company is burdened with the additions/taxes, it may avoid the payment of the same by concealing its identity and identity of its directors. The assessee/appellant has not come to the court with clean hands. The appellant in this case wants to abuse the process of law. Facts are apparent that the assessee/appellant company being a paper company has indulged in routing the unaccounted money. The assessee company miserably failed to prove not only its existence, identity and the identity of its directors, but also the identity, credit worthiness of share subscribers and genuineness of the transactions. There is no merit in the appeal of assessee and the same is hereby dismissed.
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