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TMI Blog2017 (2) TMI 389X X X X Extracts X X X X X X X X Extracts X X X X ..... s were not produced, disbelieve their contention. The Tribunal has discussed the affidavit of each of the 60 persons and has given reason as to why there are material in the affidavit to show that these were creditworthy shareholders who had invested in amount of ₹ 2,55,60,000/- and by placing reliance on various judgments has recorded a finding to say that if the Assessing Officer had any apprehension with regard to the creditworthiness of the shareholders a proper enquiry should have been conducted by the Assessing Officer and the Assessing Officer having not done so, it is seen that the Commissioner, Appeals and the Tribunal conducted the exercise, examine the genuineness of the affidavit and by recording reason in para 25 has deci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 26,0000/- by holding that the credit worthiness of these 56 shareholders have not been proved. However, on appeal being filed the Appellate Authority and the Tribunal having interfered into the matter, this appeal by the Revenue challenging the orders passed by the Appellate Authority. Even though Shri Sanjay Lal tried to argue that when the 56 shareholders were never produced for giving evidence, merely based on their affidavit if the Assessing Officer has disbelieved the claim of the asseessee, no error has been committed into the same and the same does not warrant any consideration. We find that the Appellate Authority found that along with the affidavit the shareholders had produced the share application form, the share certificat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT Vs. Ram Narain Goel : 224 ITR180 and judgment of the Delhi High Court in the case of CIT Vs. Gangeshwari Metal P. Ltd. and Nova Promoters vs Finlease Pvt. Ltd.342 ITR 169 and in the case of CIT Vs. Lovely Exports : 319 ITR (Sat 5)(5.C) that suspicion however strong cannot take place of evidence or proof and the Assessing Officer having not carried out his exercise in accordance with law, the Tribunal satisfied itself by going through the record and recording a finding of fact with regard to the creditworthiness and the fact about investment by these 60 shareholders. This, in our considered view with an exercise conduct with regard to enquiry of fact and the same having been done in reasonable manner, we see no error apparent on th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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