Tribunal held that, during the course of search, no adverse material found to prove that the share application money received was bogus or non-genuine. As the assesse filed details in the form of bank statements books of account, PAN, confirmation etc. addition made by the AO was without any basis, deleted the addition. ( AY. 2007 -08 ,2009-10, 2010-11)
Garuda Imaging & Diagnostics (P) Ltd. v. ACIT (2018) 191 TTJ 765 (Delhi)(Trib.) ACIT v. Sindhu Holding Ltd (2018) 191 TTJ 765 (Delhi)(Trib.)
S.68 : Cash credits : Share application money – No adverse material was found in the course of search proceedings, hence addition was held to be not justified [ S.153A ]