2016 (6) TMI 1184

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.... Adv. Appears with Mr. P. Sharma, Adv ORDER The Court : This appeal is directed against a judgment and order dated March 31, 2008, passed by the Income Tax Appellate Tribunal, "B" Bench, Kolkata, in ITA Nos.937 & 938/Kol/2007, pertaining to the assessment year 2000- 01 and 2001-02 and cross-objections being registered as C.O. Nos.43 & 44/Kol/2007. The appeals were preferred by the revenue an....

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....l erred both on facts and in law in dismissing the appeal of the revenue and confirming the order of the CIT(Appeals) in deleting the addition amounting to Rs. 2,03,40,000/- on account of bogus share capital since the assessee failed to furnish evidences of identity and creditworthiness of the persons from whom share capital was claimed to have been received and also genuineness of the said transa....

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..... The independent enquiries of the A.O. regarding the transactions of the sources of the companies who have invested in the shares of the applicant company do not conclusively bring out any evidence that the share transactions are not genuine. In the circumstances it is held that there is no basis on record to hold that the share capital received by the appellant company of Rs. 2,03,40,000/- is bo....

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....oved, the share application money received from these persons is added back to the returned income of the assessee as unexplained credits." Mr. Bagaria, learned Advocate appearing for the assessee, however, drew our attention to the following part of the order passed by the Assessing Officer: "Vide letter dated 31-3-2006 it has been claimed that all the shareholders details have been s....