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2018 (8) TMI 980 - AT - Income TaxAdditions u/s 68 - share premium - Additions u/s 69C - unexplained expenditure - Held that:- assessee produced sufficient documentary evidence before A.O. at the assessment as well as appellate stage to prove ingredients of Section 68 of the I.T. Act. The A.O. however, did not make any further enquiry on the documents filed by the assessee. Thus, the A.O. failed to conduct scrutiny of the documents at assessment stage and merely suspected the transactions in question on the irrelevant reasons. The A.O. did not make any enquiry from the Banker of the Investor and Income Tax record of the Investor Company. The valuation report filed by the assessee support explanation of assessee that shares were issued at premium which were below the fair market value per share. Further, there is no material available on record to justify if assessee paid any amount of ₹ 12 lakhs as alleged commission to obtain any accommodation entry. Additions made deleted - Decided in favor of assessee.
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