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| The Tax Publishers2020 TaxPub(DT) 3296 (All-HC) INCOME TAX ACT, 1961
Section 260A
Since Tribunal had gone through the relevant records and recorded categorical findings and there was no doubt about the genuineness of the identities of the companies which were duly recorded in the bank account. Therefore, in view of the findings recorded by the Tribunal, no question of law arose.
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Appeal (High Court) - Maintainability - Genuineness of share capital received by assessee was not proved -
Issue arose for consideration as to whether Triunal erred in upholding the order of CIT(A) and in deleting the addition made by AO by ignoring the fact that genuineness of the share capital received by assessee was not proved and also the investor companies were not in existence on the given address as proved by spot enquiry made by AO. Held: Tribunal had gone through the relevant records and recorded categorical findings and there was no doubt about the genuineness of the identities of the companies which were duly recorded in the bank account. Therefore, in view of the findings recorded by Tribunal, no question of law arose.
REFERRED :
FAVOUR : In assessee's favour
A.Y. : 2009-10
IN THE ALLAHABAD HIGH COURT
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