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2023 (9) TMI 263 - HC - Income TaxAddition u/s 68 - assessee has introduced unaccounted money in form of bogus share capital and share premium raised from paper companies / accommodation entries - HELD THAT:- No question of law, much less any substantial question of law arises so far as question No. 1 is concerned, in view of the fact that the Tribunal has rightly held that the provisions of Sec. 68 of the Act cannot be invoked, more particularly when the addition is made on account of the share premium and the share application money by the investors whose identity, creditworthiness and genuineness is proved by the assessee before the authority. GP estimation - Tribunal justification in restricting the gross profit on URD purchases @0.24% holding that the estimation by the AO @6% on URD purchases was over and above the profit of 5.76% disclosed by the assessee - HELD THAT:- In view of the finding of facts arrived at by the Tribunal confirming the order passed by the CIT(A) that the assessee has already declared gross profit as a whole including the purchases from registered parties @ 5.76%, and therefore, if any addition is to be made, it should be the difference between the profit determined by the AO on the URD purchases vis-a-vis the gross profit already declared by the assessee. No substantial question of law arises in appeal.
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