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2016 (6) TMI 1377 - HC - Income TaxRevision u/s 263 - addition on account of bogus share application and premium investment - Commissioner who was of the opinion that inquiries were not made in respect of 11 share and premium applicants therefore restored the matter back to the AO for carrying out necessary inquiries with respect to identity and creditworthiness of these 11 share applicants and then to decide about genuineness of the share application transactions - HELD THAT:- Tribunal in impugned judgment upon perusal of the record, particularly of the assessment proceedings held that the Assessing Officer had in fact, made inquiries with these 11 applicants also. The Tribunal held that even the Commissioner did not dispute this fact. The Tribunal was therefore of the opinion that this was not a case where it can be said that the Assessing Officer failed to carry out any inquiry at all. The Tribunal also noted that the Assessing Officer had called for the reply of the assessee who had given elaborate explanation. In fact, it was this exercise undertaken by the AO in the reassessment proceedings which led to addition of ₹ 26 lacs in case of the assessee on account of bogus share application and premium investment. The facts being such, we do not found any error in the Tribunal striking down the order of the Commissioner of Incometax (Appeals) passed under section 263 - No question of law arises
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