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2019 (11) TMI 589 - HC - Income TaxAddition u/s 68 - unexplained cash credit - Tribunal confirming the decision of the CIT(A) in deleting the addition - HELD THAT:- In the report, AO indicates that notices sent to some of the companies came back un-served, yet thereafter, the companies appeared before him through a representative and made submissions in support of their investments. The impugned order records that change of address was given to the Assessing Officer and yet it appears that notice was served on an incorrect address. Tribunal also records that in fact, one of the Director of the Company which has subscribed the shares, had given also an affidavit, stating that, the Company has paid ₹ 30 lakhs to 30,000 equity shares of ₹ 10/- each at a premium of ₹ 90/- to the Assessee Company. CIT(A) and the Tribunal have both come to a finding of fact that amounts received for share subscription is not hit by Section 68 of the Act as the identity, capacity of the shareholder is proved. Besides, the genuineness of the transactions also stands established. In the above circumstances, the concurrent finding of facts by the CIT(A) and the Tribunal do not call for any inference. Particularly in the absence of the Revenue’s showing it to be perverse. No substantial question of law
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