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On July 30, 2018 The High Court of Bombay held that no addition can be made in the hand of Company for share capital if the shareholders is having PAN And gave affidavit
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If Assessee proved identity, creditworthiness as well as genuineness of transactions then the Assessee had discharged its primary onus on providing complete details in respect of loan transactions and if AO failed to carry out any fruitful investigation then no addition could be made towards unexplained unsecured loans. 29 Judgement discussed
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Approval / sanction by merely writing “Approved” to reopen the case u/s 147 is not sustainable
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1 अप्रैल 2013 से पहले लिए गए लोन के लिए लोन के सोर्स के सोर्स को बताने की कोई आवश्यकता नहीं है केवल कंफर्मेशन लेटर एफिडेविट एवं पूरे पत्ते को देना जरूरी है
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No addition in respect of share application money when names and addresses of share holders were given to AO
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When Assessee was able to prove all three components of identity, genuineness and creditworthiness of share application/premium amount received by it, same could not be added to assesse’s income as ‘Unexplained cash credits’ u/s 68
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If sufficient withdrawals is proved then source of investment is proved
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When any document or details was filed by assessee in pursuance to direction of CIT(A) then there would be no violation of Rule 46A.
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किसी से उधार लिए हुए रुपए के संबंध में उसकी creditworthiness, genuineness उसके साथ हुए एग्रीमेंट को नहीं प्रस्तुत करने पर धारा 68 में एडिशन हो जाएगा