Section 68 Addition on Share Capital Deemed Unsustainable Due to Lack of Monetary Exchange Evidence in First Business Year.

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....Addition u/s.68 - share capital & premium - Nothing on record suggest any money got exchanged between the assessee and the investor - as per Ld. AO’s finding, the impugned AY was the initial year of business operation of the company and therefore, it is difficult to accept that the assessee accumulated huge unaccounted money which was ploughed back in the shape of share capital / share premium - addition not sustainable....