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2020 (8) TMI 60 - AT - Income TaxUnexplained cash credit - addition on account of share capital u/s 68 - CIT-A deleted the same only on the ground that the same amount was added in the hands of share subscribing company - HELD THAT:- M/s. SNR Trading Co. (P) Ltd. was assessed to tax u/s 143(3) of the Act and the amount of share capital said to have been invested in the assessee company is explained because source of money in question was assessed in the hand of investor company. The identity of M/s. SNR Trading Co. (P) Ltd., genuineness of transaction and creditworthiness is proved. Therefore, the addition made in the hands of assessee is not maintainable to the fact the source of share capital and premium is found to be explained in terms of provisions u/s 68 of the Act. Therefore, we find no infirmity in the order of CIT(A) and it is justified. Thus, only issue raised by the revenue is dismissed.
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