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2023 (6) TMI 1213 - ITAT MUMBAIUnexplained cash credits u/s. 68 - share application money received by the assessee - Assessee failed to establish the genuineness and creditworthiness of the investing companies - CIT-A deleted the addition - HELD THAT:- Apart from making bald allegations, the Revenue did not bring any such material on record to substantiate its claim. As in respect of all the 5 companies the Revenue has conducted scrutiny assessment in the preceding years. A mere isolated transaction by one of the alleged entry operators in one of the investor companies does not taint the entire share transaction in the assessee company in the absence of any corroborative material being brought on record. Further, we find that the funds were received, inter-alia, from the sale of equity shares of some other companies by these investors or from the refund of advances for the purchase of shares. Thus,we find no merit in the aforesaid submission of the learned DR. Therefore, from the above it is evident that the assessee has also proved the source of source of the investors in the present case to satisfy the test of creditworthiness of the investor and genuineness of the transaction, against which no contrary material has been brought on record. - Decided against revenue.
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