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2023 (2) TMI 742 - AT - Income TaxAddition u/s 68 - bogus share capital including share premium raised by the assessee - HELD THAT:- There is no discussion on the nature of evidence, who are the share applicants, what was their financial health etc.The assessee did not file statement of facts either before the CIT(A) or before the ITAT. It has not file any confirmation from the share applicants, their financial health or any evidence demonstrating their identity or creditworthiness. The assessee has not filed its own financial status which can demonstrate whether it can command a premium on the shares - Thus, the assesse company evidently does not have any specific business. It has filed a loss return of Rs.9,171/-. We are convince that it is a paper company devoid of any business. Hence, Revenue authorities have rightly held the alleged share application money as bogus and rightly made the addition. We do not find any error in the order of the ld. Revenue authorities. Accordingly, appeal of the assessee is dismissed.
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