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TMI Blog2014 (9) TMI 436X X X X Extracts X X X X X X X X Extracts X X X X ..... Bench has admitted the appeal on the following substantial questions of law : (a) Whether on the facts and in the circumstances of the case, the Tribunal is justified in law in confirming the order of the CIT (A) deleting the addition of Rs. 82,12,000/- made by the A.O. by invoking the provisions of Section 68 of the Act on account of unexplained share application money and loans by ignoring the fact that the credit worthiness of the persons who deposited the share application money and advanced loans could not be proved before the A.O.? (b) Whether on the facts and in the circumstances of the case, the Tribunal and the CIT (A) are justified in law in not taking into consideration the material available on record such as bank account of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r annual income is in the range of Rs. 40,000/- per annum. Almost all have family consisting 4 to 6 persons. Out of such income, it is not possible to save an amount after meeting house hold expenses and other expenses. He further submits that in the bank account, the cash was deposited after issuing the cheques for share application. The depositors were not having the capacity to invest the money, infact, it is unaccounted money of the assessee, which was shown in the name of agriculturists. He also submits that the agriculturists have claimed that they kept the cash in their houses for long period, though they were maintaining bank accounts. He submits that it is unbelievable story. Lastly, he justified the addition made by the A.O. On t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sts and having substantial land holdings for which evidence in the form of Khasra Khatauni, and certificates from the Gram Pradhan as well as Block Pramukh were submitted. The potatoes grown by the shareholders were kept in the cold storage. So, the contribution towards the share capital stands proved. Lastly, he made a request to dismiss the appeal filed by the Department. We heard both the parties at length and gone through the material available on record. From the records, it appears that the assessee has shown receipt of share money amounting to Rs. 75 lacs from 15 persons which includes Rs. 64 lacs from 4 Directors of the assessee company and balance amount of Rs. 11 lacs was received from 11 persons (1 lakh each). Apart from the sa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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