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2023 (4) TMI 41 - AT - Income TaxAddition u/s 56(2)(viib) of share premium and unexplained cash credits u/s.68 - HELD THAT:- The factual position is hardly found to be any different qua the former issue of sec.56(2)(viib) addition(s) as well wherein both these assessees’ have not filed all the requisite details, and more particularly, the justification for having received varying sums of exorbitant share premium. We make it clear that this statutory provision casts onus on the concerned taxpayer to justify its share premium vis-à-vis fair market value as per the prescribed methods. It is in this backdrop that we note from a combined perusal of both these case files that not only the assessees’ have failed to file all the supporting evidences during the course of assessments dated 23.03.2016 but also in remand proceedings before the Assessing Officer in light of CIT(A)'s corresponding directions. We, therefore, adopt judicial consistency in this factual backdrop and affirm both the learned lower authorities action making these twin additions u/s.56(2)(viib) and that of unexplained cash credits u/s.68 - Decided against assessee.
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