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2019 (1) TMI 16 - ITAT JAIPURAddition u/s 68 - creditworthiness of the creditor is not proved - share applicant was residing abroad during relevant time - AO noted that the investment in the company remained unproved - money brought into India by non-residents for investment - Held that:- It is noted from the available records that Shri Jagjit Singh Gabha r/o of 55, Woodlands Road, Southhall UBI, 1 EJ, London having Passport No. 508223849 had paid a sum of ₹ 85.23 lacs through his Saving Bank A/c No; 15621060000188 held with HDFC Bank, Mansarovar Garden, New Delhi towards share application money to M/s. Shree Nath Heritage Liquor Pvt Ltd. having its registered office at G-1/100, RIICO, Industrial Area, Jhunjhunu (Raj) during the Assessment Year 2013-14. These payments were made to the assessee company through RTGS (PBP 8). It is noted that money had been brought into India through banking channel. Taking into consideration the above facts, circumstances of the case, case laws relied on by the assessee and the CBDT Circular No. 05 dated 20-02-1969, we find that the money brought into India by non-residents for investment or other purposes is not liable to Indian Income Tax. In this view of the matter, the Ground of the assessee is allowed.
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