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The Pr. Commissioner of Income Tax -4 Versus ISF Securities Pvt. Ltd.

Addition u/s 68 - suspected investments and share application money - Held that:- We are of the opinion that the CIT(A)’s order – which stands confirmed by the ITAT is both sound and unexceptionable having regard to the principle applicable to Sectio .....

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o probe further did not mean that the incomes were liable to be treated under Section 68. The appeal does not raise any substantial question of law - ITA 457/2016 - Dated:- 22-8-2016 - S. Ravindra Bhat And Deepa Sharma, JJ. For the Appellant : Sh. Ru .....

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iod, i.e. AY 2005-06, the Assessing Officer (AO) had brought to tax the sum of ₹ 1,44,85,000/-, contending that the genuineness of the share application money and the identity disclosed by the assessee was suspect. The assessee s appeal was acc .....

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) was satisfied that an addition under Section 68 was not warranted because the share applicant/Vinay Khosla s particulars, i.e. address, the NRI bank account etc. were specified and disclosed in the assessment proceedings. The CIT(A) held as follows .....

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am of the opinion that the appellant during the course of proceedings has discharged the initial onus of establishing the bonafides of the transaction and the AO was not justified in ignoring various evidence provided to him by the appellant. Nothing .....

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ongwith all the details of NRE bank a/c from which the share application money was paid. Similarly about other share applicant all the evidence are filed like PAN No. Bank a/c details, residential address etc. was filed. Since in the present case the .....

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ed to agree with the arguments and evidences provided by the appellant to substantiate that the share application money received by it was genuine transaction and the same was not accommodation entry. I also don t find any evidence collected by the A .....

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