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2021 (5) TMI 186 - AT - Income TaxUnexplained cash credit u/s 68 - HELD THAT:- The primary onus as casted on the assessee in terms of the requirement of Section 68, was duly fulfilled and the onus was on revenue to controvert the evidences furnished by the assessee. However, we find that nothing has been brought on record by the revenue to substantiate the fact that the assessee’s unaccounted money was routed in the books in the garb of share capital. It is trite law that no addition could be made merely on the basis of allegation, suspicion, conjectures or surmises. Upon perusal of assessee’s written submissions as placed on record, another pertinent fact to be noted is that all the 16 investor entities has sufficient net worth (shares capital + reserves & surplus) to make investment in the assessee and the percentage of investment made by them in the assessee company is merely in the range of 0.47% to 5.45% of their respective net worth. As relying on own case [2020 (3) TMI 595 - ITAT MUMBAI] we delete the impugned additions. Consequently, the set-off of losses, as allowable under law, would be available to the assessee.
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