AO not justified in treating share application money as unexplained without rebutting evidences filed by Assessee

Shakti Hardware Collection Pvt. Ltd Vs DCIT (ITAT Mumbai) We find that there are ample evidences to support the case of the assessee that the share application money received by assessee is genuine but this information was never examined by the AO or CIT(A) despite the fact that the same was available with the authorities below before finalization or adjudication of the issue. We find that the AO proceeded to discredit the investors of the assessee, which is completely erroneous. The AO was looking for proof beyond doubt and proceeded on an element of suspicion that the amounts of investments...