When the assessee successfully explains the source of share application money, the additions made u/s 68 are not sustainable

ACIT Vs H.K. Imp ex Pvt. Ltd. (ITAT Mumbai)- The dispute is regarding addition of Rs. 4.85 crores being the share application money invested by the two directors who were holding 50% share in the company. We find from the records that the assessee vide letter dated 17.9.09 addressed to AO had given

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