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2024 (5) TMI 436 - ITAT MUMBAIBogus LTCG - Addition u/s 68 - undisclosed share capital and share premium - assessee has failed to establish the genuineness and creditworthiness of the transactions - CIT(A) deleted the addition - HELD THAT:- It is not disputed that the assessee has not received any share application money in the financial year 2011-12 except allotment of shares - We find that the provisions of section 68 of the Act can be invoked or applicable, where the amount is found credited in the books of accounts of the assessee in the F.Y.2011-12 and the assessee fails to offer explanations or explanations are not satisfactory. The assessee has received the share application money along with the share premium in the financial year 2006-07 and not in F.Y.2011-12. We find the CIT(A) has dealt on the facts, provisions of law and judicial decisions. The Ld. DR could not controvert the findings of the CIT(A) with any new cogent material or information to take different view. CIT(A) has passed a reasoned and conclusive order. - Decided against revenue.
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