TMI Blog2018 (10) TMI 1725X X X X Extracts X X X X X X X X Extracts X X X X ..... ed on appreciation of material on record. CIT [A] and the Tribunal concurrently came to the conclusion that the assessee had discharges its basic onus. The investors have confirmed the transactions. Such transactions were carried out through the banking channel. The director of the investing company had also appeared before the Assessing Officer and also confirmed the transactions. The CIT [A] and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 900/= as per the provision of Section 68 of the Income-tax Act, without properly appreciating the facts of case and the material brought on record ? The issue pertains to the share application money received by the respondent-assessee-company. The Assessing Officer added a sum of ₹ 9.99 Crores [rounded off] in the hands of the assessee with the aid of Section 68 of the Income-tax A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act for the above amount. The appellant has submitted that all three ingredients such as, credit worthiness, genuineness and the identity of the share applicant have been proved and therefore, the addition should not have been made by the AO. During the course of appellate proceedings, the assessment records were also obtained from AO and the same have also been examined by me to asc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plicant are managed by the same group of persons. Honourable High Court of Gujarat has consistently held that if the assessee has given sufficient proof in respect of the share application, no addition can be made in the hands of the assessee. If the AO has any doubt about the source of the share applicant further investigation can be made in the hands of the share applicant, but not in t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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