No sec. 68 additions if it was established that investor subscribed to shares at premium out of loan taken from NBFCs

INCOME TAX: No addition could be made under section 68, where assessee-company issued its shares at premium to subscribing company and subscribing company had explained that shares were taken on premium out of loan taken from NBFCs and had given immediate source; and had also given documents and confirmations from NBFC companies confirming loan out of borrowings

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