No addition of unexplained credit u/s 68 without prima-facie enquiry by AO

ITO Vs Randeep Investment (P) Ltd. (ITAT Mumbai)

Conclusion:

Addition made under section 68 on account of share capital received by assessee as unexplained credit was to be deleted in absence of any material or inquiry conducted by  AO that the issuing companies were non-existing entities or a paper company and AO had not brought material on record to dislodge the veracity of the evidences filed by assessee.

Held:

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