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2023 (3) TMI 464 - AT - Income TaxAddition u/s 68 - share capital introduced during the previous year unexplained - identity, creditworthiness and genuineness not proved - assessee has failed to substantiate the genuineness of transaction and creditworthiness of the share holding company - HELD THAT:- AO has not properly applied his mind to the facts, details and evidence filed on record, rather, the assessment was framed in a hurried manner as the time limit for framing of the assessment was expiring. However, the ld. CIT(A) has duly taken note of the facts, details and evidence on the file and noted that the share application money was received from one party which was a group company of the assessee company who was substantially interested in the business and development of the assessee company and further the assessee had duly proved the identity, creditworthiness and genuineness of the transactions. The ld. D/R has failed to controvert the factual findings of the ld. CIT(A). Appeal of the revenue stands dismissed.
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