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2022 (12) TMI 1010 - AT - Income TaxUnaccounted income u/s 68 - unexplained share capital and share premium - unaccounted income of the appellant assessee company from Share Capital and Share Premium raised - HELD THAT:- Assessee has successfully discharged its primary onus by explaining the source of share capital and share premium received during the year. In the remand report, AO has confirmed that all the investor companies were PAN holders and has filed the returns regularly. No cash was found to be deposited in the bank accounts maintained by the investor companies. All the companies are regularly filing returns with the Registrar of Companies. Books of account are regularly maintained and duly audited. Companies had sufficient funds and decision of investment was made by Board of Directors. AO has also stated that statement of the director was verified from information contained in paper-book in respective assessment. As observed by the AO that transactions and credit of capital including premium are found in order and there is no deficiency in supporting evidence. The remand report of AO is loud and clear that the source of share capital and share premium has been successfully explained to the best possible extent by the assessee furnishing all evidences and none of them were found to be incorrect and no defect has been pointed out. We fail to find any justification in the finding of ld. CIT(A) confirming the action of the AO making addition u/s 68 - Decided in favour of assessee.
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