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2023 (5) TMI 737 - AT - Income TaxAssessment u/s 153A - Unexplained share capital and share premium - unexplained cash credit u/s. 68 - HELD THAT:- As the additions made are not based on any incriminating material found during the search and seizure operation conducted in case of the Assessee and moreover, the additions are not based on any conclusive evidence brought on record to demonstrate that investors did not have any creditworthiness or the transactions are not genuine, we do not find any compelling reason to disturb the factual finding of ld. Commissioner (Appeals), while deleting the addition. Addition u/s 68 - AY 2015-16 - As the investments in share capital and share premium, which were added as income of the Assessee u/s. 68 of the Act in the impugned assessment year, were made in preceding assessment years. The investments made were converted into equity shares in the impugned assessment year. However, considering the fact that the credit entries relevant to the investment in share capital and share premium do not relate to the impugned assessment year, provisions of section 68 of the Act cannot be invoked in the year under consideration. All the appeals filed by the Revenue are dismissed.
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