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2018 (12) TMI 1510 - AT - Income TaxAddition u/s 68 - treating the share capital and share premium amount as unexplained cash credits - Held that:- CIT(A) was not justified in treating the share premium amount of ₹ 28 lacs received by the assessee as unexplained and enhancing the addition made by the AO to that extent. He has contended that the assessee is very much in a position to produce the shareholders for verification before the AO and also to produce all the relevant documentary evidence to explain the share capital as well as share premium amounts in terms of section 68 and urged that an opportunity may be given to the assessee by sending the matter back to the AO. Although the learned DR has opposed this plea made by the learned counsel for the assessee by submitting that proper and sufficient opportunity has already been given by the authorities below to the assessee consider it fair and proper and in the interest of justice to give one more opportunity to the assessee to explain the relevant cash credits representing share capital and share premium amounts in terms of section 68 keeping in view all the facts and circumstances of the case - restore this matter to the file of the AO for deciding the same afresh after giving one more opportunity of being heard to the assessee - Appeal of the assessee is treated as allowed for statistical purpose.
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