Genuineness of transaction couldn’t be established merely by filing confirmation letters of Cos. subscribed shares

IT : Where assessee received Rs. 80 lakhs on account of share application money from two companies, however there was nothing to establish genuineness of share subscription transactions as assessee did not know anything about these companies and had no financial documents about their financial activities or their balance sheets, thus, these companies were shell companies and Commissioner(appeals) rightly confirmed action of Assessing Officer in making addition of Rs. 80 lakhs on account of share

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