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2022 (12) TMI 789 - ITAT KOLKATAAddition u/s 68 - unexplained cash credit of share capital and security premium received during the year - assessee failed to appear before the AO and assessee did not produce the alleged share holder before the AO for identity, creditworthiness and genuineness of the transaction - HELD THAT:- The assessee company has miserably failed to source of alleged cash credit if the assessee had sufficient details to explain the alleged sum. Consistently escaping from appearing before the ld. AO and the appellate authority, CIT(A) indicates that the assessee has no plausible explanation to explain the source of alleged sum of share capital and security premium. In the case of assessee completely failed to explain the alleged cash credit and consistently escaped the provisions of section 68 are attracted. Thus it is held that the assessee has routed its unaccounted income in the books of account in the form of share capital and security premium by arranging the bogus share capital and share premium through accommodation entry provider. Therefore, we find no infirmity in the findings of the CIT(A) confirming the addition made u/s 68 of the Act and same is confirmed. Thus the ground of appeal raised by the assessee is dismissed.
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