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2023 (9) TMI 545 - ITAT RAIPURAddition u/s 68 - receipt of bogus share capital and share premium - onus on the assessee to furnish the explanation in support of the said cash credits by establishing the identity, creditworthiness and genuineness of the shareholders and transactions not proved - HELD THAT:- AO has squirely failed in substantiating that how the onus cast upon the assessee was not discharges u/s 68 of the act. AO further erred by neither making any specific comments nor have demonstrated the reasons for adverse conclusions about the share subscribers which could be supported with the documents or borne out from the records. AO also misplaced in her observations by not distinguishing that how the facts of the present case are different on which binding judgments in the case of Lovely Exports [2008 (1) TMI 575 - SC ORDER] and Venkteshwar Ispat [2009 (5) TMI 290 - CHHATTISGARH HIGH COURT] relied upon by the assessee, are not applicable. Under such facts and circumstances we concur with the decision of the order of Ld CIT(A) having no infirmity, in absence of any divergent argument advanced by the revenue apart from the contentions raised and considered herein above, or without any cogent material or decision having different binding consequence on the instant case, we do not have any distinct opinion other than that of the opinion of Ld CIT(A), thus, we order to sustain the same. Resultantly grounds raised in the present appeal by revenue are dismissed.
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