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2022 (8) TMI 1081 - AT - Income TaxAddition being the share application money received - accommodation entry transactions - Whether party did not respond to the notice u/s 133(6) of the Act could not ipso facto make the assessee liable for addition? - HELD THAT:- AO made addition on the basis that during the year under consideration, the assessee had received certain share application money from share applicants - During the course of assessment proceedings, the assessee issued notice u/s 133(6) to verify the genuineness of the transaction. However, the notice sent by the AO remained unreplied. The assessee has filed a Paper Book wherein a reply by the share applicant is enclosed. Share applicants filed their income tax return and furnished P&L A/c, computation of income etc. It is seen that the assessee has also filed part of the bank statement. However, it is seen that the balance sheet and computation of P&L A/c filed by the assessee is not commensurate with the investment made by the share applicants. It is also seen that the assessee has not filed the entire balance sheet of the share applicants for the AY 2012-13 - Appeal of the assessee is dismissed.
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