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TMI Blog2012 (8) TMI 800X X X X Extracts X X X X X X X X Extracts X X X X ..... these share applicants. Confirmations of share applicants and share certificates also furnished. In view of aforesaid and as no new loans were taken during the year, the AO was not justified in making addition u/s 68 - Decided in favor of assessee - I.T.A.No.144/Ind/2011 - - - Dated:- 12-6-2012 - SHRI JOGINDER SINGH, AND SHRI R.C.SHARMA, JJ. Appellant by : Shri Arun Dewan, Sr. DR Respondent by : Shri Shaunak Majumdar, CA O R D E R PER R. C. SHARMA, A.M. This is an appeal filed by the Revenue against the order of CIT(A)-II, Bhopal, dated 28.02.2011 for the 2007-08. 2. In this appeal, the Revenue is aggrieved for deletion of addition of Rs. 45 lakhs made by the Assessing Officer u/s 68 in respect of unexplained c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ould not prove the loan taken from seven parties. So, there is no question regarding non-filing of the details called for by the AO. It was stated that the following details were submitted before the AO are as under:- 1) Power of Attorney 2) Copy of the Audited Financial Statement alongwith Tax Audit Report under section 44AB of the Income Tax Act. 3) Copy of the bank statement with reconciliation and confirmation. 4) Detail of the Sundry debtors and Sundry Creditors with confirmations. 5) List of Directors of the company. 6) Details of the Share Capital and share application money. " 7. The Assessing Officer has examined the above details filed as mentioned in the assessment order but has proceeded to make the addition of Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be added u/s 68. The credit represents merely a change of heard of account from share application money to unsecured loan without resulting into a new fresh credit during the relevant assessment year. The amount in question to the extent of Rs. 45,00,000/- is basically a transfer entry from share application money to unsecured loan amount during the year. Hence, as per law the Assessing Officer was not justified in making the addition in assessment year 2007-08 to Rs. 45,00,000/- which actually represents transfer of amount from one account to another account. Even otherwise the name/address of the parties, PAN and confirmation have been filed for the share application money received by the appellant company in assessment year 2006-07. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... notice u/s 143(2) Smt. Prem Lata, counsel of the assessee attended on behalf of the assessee and she was asked to furnish details as per questionnaire dated 10.9.2008 and dated 17.4.2009 u/s 143(1). Details asked as per questionnaire and order sheet were furnished alongwith enclosures, which were examined by test check. As no new loans were taken during the year, the Assessing Officer was not justified in making addition u/s 68 in respect of share application money received during the last year and not during the year under consideration. As per the findings recorded by the ld.CIT(A), the assessee has explained the accounting entries so passed and that it was only a transfer of amount from one account to another account. The CIT(A) has als ..... X X X X Extracts X X X X X X X X Extracts X X X X
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