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2017 (4) TMI 1191 - ITAT HYDERABADAdditions towards unexplained investment in share capital u/s 68 - as per AO assessee has not proved the genuineness of the transactions on account of investment in share capital by Smt. M. Rama Devi and Smt. S. Anuradha - Held that:- The assessee has confirmed the investment by submitting the confirmation letters from the investors along with their bank statement. The AO is not happy with the sources of the investors but direct source of investment is clearly established by the assessee. In our considered view, the assessee has clearly discharged its part of obligation to establish the genuineness of the transaction. Now, AO is not happy with the source of the source. The revenue is free to go behind the investors and reopen their cases as they have voluntarily and willingly confirmed the investment. In our considered view, the assessee need not have to prove the source of the source and hence, assessee has established the genuineness of the transaction and addition u/s 68 cannot be invoked.- Decided in favour of assessee.
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