Tax Tribunal Sides with Assessee: Unjustified Addition of Bogus Share Application Money Overturned.

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....The addition made u/s 68 for bogus share application money receipts was solely based on the statement of an unrelated third party, Shri Pravin Kumar Jain, recorded during a search conducted at his premises. This statement was later retracted. The assessee submitted necessary evidence regarding the receipt of share application money, including share application forms, board resolutions, PAN cards, bank statements, income tax returns, master data, and confirmations and affidavits from the investor companies' directors. This evidence proved the identity, creditworthiness, and genuineness of the transactions. However, the Assessing Officer and CIT(A) made the addition without considering the evidence and the provisions of law applicable for the.........