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2015 (5) TMI 229 - HC - Income TaxUnexplained source of the cash deposit in bank account - ITAT deleted addition relying upon its observation in the case of M/s. Natural Biocon (India) Ltd - Held that:- On considering the order passed by the learned Tribunal in the case of M/s. Natural Biocon (India) Ltd. for the Assessment Year 1996-97 the learned Tribunal had an occasion to consider the share application money of ₹ 25 lacs received by M/s. Natural Biocon (India) Ltd. from the present assessee-Shri Makwana. It is true that in the case of M/s. Natural Biocon (India) Ltd. the Assessing Officer made a protective addition of ₹ 25 lacs as Shri Makwana claimed that the investment of ₹ 25 lacs was made by taking advance from the M/s. Natural Biocon (India) Ltd.. However, while deleting such addition, the learned Tribunal did observe that the source of the share application money of ₹ 25 lacs made by Shri Makwana has been explained as advance received by him from M/s. Natural Biocon (India) Ltd.. The learned Tribunal has also observed in the case of M/s. Natural Biocon (India) Ltd. that the Assessing Officer himself admitted that such advance was given to Shri Makwana through banking channel. The learned Tribunal also observed that there is no dispute about the capacity of the M/s. Natural Biocon (India) Ltd. in giving the advance of ₹ 25 lacs to Shri Makwana. Thus it cannot be said that the learned Tribunal has committed any error in deleting the addition of ₹ 25 lacs made by the Assessing Officer as unexplained investment confirmed by the learned CIT(A). We confirm the view taken by the learned Tribunal. No substantial question of law - Decided against revenue.
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