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2022 (11) TMI 667 - AT - Income TaxAddition u/s 68 - share application money and premium claimed as received during the concerned period unexplained - identity, creditworthiness of shareholders and the genuineness of the transactions were unexplained at stage of assessment proceedings - HELD THAT:- As noted from the perusal of the two summons issued u/s. 131 that there was no such requirement from the ld. AO to produce the director of the shareholder companies. It was only the director of the assessee who were called for personal attendance and produce the required details and documents which were complied by the assessee. The shareholder company is one of the group companies having a common director namely Shri Raj Kumar Gupta. We note that all these verifiable facts have been duly considered by the CIT(A) and has granted relief after his due verification and examination - we do not find any reason to interfere with the findings given by the ld. CIT(A) who upheld the deletion of addition made by the Ld. AO - Accordingly, the grounds raised by the revenue are dismissed.
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