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2023 (7) TMI 1077 - AT - Income TaxAddition u/s 68 - accommodation entry receipts - basis for dismissing the vortex of evidences is the fact that the notice u/s 133(6) of the Act issued by the AO was returned unserved - HELD THAT:- We find that in the case in hand, the investors throughout have confirmed the investment and no material has been led by the AO to even allege that such investment was made from the coffers of the assessee company as it is not the case of the Revenue that the assessee has purchased cheque by paying cash to the investor company. The investors are corporate entities duly assessed to tax and have made investment through banking channel from their own sources which fact has neither been denied nor rebutted in the assessment nor by the first appellate authority. This is also evident from the chart exhibited elsewhere. Considering all we are of the considered opinion that the assessee has discharged the primary onus cast upon it by provisions of section 68 of the Act. It is not the case of the Revenue that the assessee is a beneficiary of accommodation entry. For AY under consideration is Assessment Year 2012-13 and for this Assessment Year, the assessee is not required to establish source of source. Decided in favour of assessee.
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