In the result, both the appeals of the assessee are allowed
Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]
bogus share application money and share premium from the said two companies as per the facts available on the assessment record. According to Ld. PCIT, the AO has failed to examine the investment and issue of share capital and share premium and thus has not verified the identity, creditworthiness of the investors and genuineness of the transactions which has rendered