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2024 (2) TMI 216 - ITAT DELHIAddition u/s 68 - Bogus share transaction - as per AO identity, creditworthiness and genuineness of the transaction has been established - CIT(A) deleted addition - HELD THAT:- We observe that the assessee discharged its initial burden by filing various evidences in the form of confirmations, bank statements, share application forms, addresses, PAN numbers to prove the identity, genuineness and creditworthiness of the share holders. CIT (A) considering all the evidences on record and the remand report and the rejoinder concluded that the share holders are genuine and assessee has proved the identity, genuineness and creditworthiness of the share holders and accordingly the addition made u/s 68 of the Act has been deleted. We further observe that the entire expenses which were debited to profit and loss account and was disallowed by AO were deleted by the ld. CIT (Appeals) on appreciation of evidences furnished before him and it is the finding of the CIT (A) that majority of expenses are towards salary paid and they were through banking channels. As observed that the expenses on advertisement, electricity, telephone, computer repair and maintenance, bank charges etc. were all paid through ICICI Bank and IndusInd Bank. All the above findings of the ld. CIT (A) have not been rebutted by the Revenue. We see no infirmity in the order passed by the ld. CIT (A) in deleting the above additions/disallowances. Appeal of the Revenue is dismissed.
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