Bogus share capital: AO cannot ignore document submitted by assessee

Advertisement Gist of the findings are that the assessee failed to prove identity and capacity of the subscriber companies to pay share application money or that amount was received as accommodation entries or that when assessee managed to secured documents like income tax return and bank account of the subscribers in such circumstances, the AO was justified in drawing adverse inference against the assessee and that the AO has doubt on the documents produced by the assessee. The facts of these decisions are clearly distinguishable from the facts of the case because in the present case, the ...