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2020 (4) TMI 328 - AT - Income TaxAddition u/s 68 - unexplained cash credit - assessee has failed to discharge the burden to substantiate the creditworthiness of the share investors and genuineness of the transactions - AO issued the notice u/s 133(6) of the Act to all the 12 parties which were not served - CIT-A deleted the addition - HELD THAT:- At the time of hearing before the CIT(A), the assessee furnished the PAN Card of the share applicants, income tax acknowledgment for the A.Y. 2012-13, annual accounts of share applicant for A.Y. 2012-13, bank statements for AY 2012-13 depicting the payments made by the share applicants through banking channel, ROC records of the share applicant for AY2012-13 & Memorandum of Association and Articles AO submitted the remand report dated 07.11.2017 basically the COT(A) relied upon the remand report and same more additional evidence, the CIT(A) analyses the record of each investor which has been mentioned in the order. There is no need to repeat the same because relevant record from each and every investor has been mentioned by CIT(A) in his order. No doubt, deficiency if any is liable to be looked into even at the time of remand proceeding also. Each and every share-holder responded to the notice u/s 133(6) of the Act and submitted necessary details. The facts are not distinguishable at this stage. After the examination of each and every details by the CIT(A), the CIT(A) was of the view that the assessee has proved the identity, genuineness and creditworthiness of the share-holder. Which facts have wrongly considered by the CIT(A) is not apparent on record. Therefore we are of the view that the CIT(A) has decided the matter of controversy judiciously and correctly which is not liable to be interfere with at this appellate stage. - Decided against revenue.
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