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2018 (3) TMI 304 - AT - Income TaxAddition u/s 68 - share capital introduced by the assessee afresh during the year - Held that:- If the assessee has discharged primary onus by submitting confirmation, bank statements, copies of income-tax returns, PAN data then it would be construed that the assessee has discharged primary onus put upon it by virtue of section 68. It is the AO who has to carry out investigation and demonstrate that these materials are not sufficient for discharging the onus cast upon assessee by section 68. No such steps have been taken by the AO. He simply assumed that since the assessee was directed to produce applicants and it failed to produce, therefore, everything is to be construed as manipulated. AO failed to carry out any inquiry for falsifying evidence submitted by the assessee in support of its explanation. Thus delete the addition - Decided in favour of assessee. Addition of interest - AO found that the assessee given interest free advances - Held that:- The assessee failed to give justification as to how these advances were given for the purpose of business. The ld.CIT(A) has rightly confirmed the disallowance. - Decided against assessee.
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