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TMI Blog2017 (3) TMI 43X X X X Extracts X X X X X X X X Extracts X X X X ..... red in the light of the objections raised and evidence on record and a clear finding is required to be recorded before a direction could be issued to make such an addition. We, therefore, allow the appeal and remand the matter to the Tribunal to reconsider the matter. The matter on remand may be reconsidered within a period of three months from the date of production of a certified copy of the order before the authority concerned. A certified copy of the order may be placed before the authority concerned within next 15 days. - Income Tax Appeal No. 142 of 2016 - - - Dated:- 21-2-2017 - Hon'ble Bharati Sapru And Hon'ble Saumitra Dayal Singh, JJ. For the Appellant : Suyash Agarwal For the Respondent : S. C. ,Shubham Ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing was recorded on the said issue either adverse or in favour of the assessee. Subsequently, on 15.02.2013 the Commissioner of Income Tax initiated a proceedings under Section 263 of the Income Tax Act, 1961 wherein amongst others the Commissioner was of the opinion that share capital introduced during the assessment year had not been properly examined by the Assessing Officer while making the original assessment. Again in reply to the aforesaid show-cause notice the assessee filed its written reply on 05.03.2013 along with the evidence wherein he submitted as hereunder: In this regard, we humbly submit that during the year under consideration the authorized, issued, subscribed and paid up capital of the assessee company was increa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve the authenticity and genuineness of the issued share capital issued during the year. a) Copy of the Form 5 and Form 2 as filed with the Registrar of Companies (Annexure 5). b) The detail showing the names of the people/entities to which shares were issued along-with the confirmation from all the shareholders as to number of shares held by them (Annexure 6). All the shareholders except Shri Roop Ram Singh are assessed to Income Tax and their PAN were submitted on record. From the above, it is clear that the share capital issued, subscribed and paid-up is authentic and genuine and has been verified by the Ld. A.O. before accepting the same. It is also worth submitting that as the total amount except ₹ 10,000/- was rece ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iii) CIT Vs. United Commercial and Industrial Co.(199) 187 ITR 596 Cal. (iv) CIT Vs Precision Finance Pvt. Ltd. (Cal) 208 ITR 465 (v) CIT v/s Korlay Trading Co. Ltd. (Cal.) 232 ITR 820 (vi) Krishan Kumar Jhanb v/s ITO and Anr (Punjab Haryana) 17 DTR 249 (vii) M/s Sejai International Ltd v/s CIT Meerut (All.) Appeal No. 306 of 2010 (viii) CIT Vs Durga Prasad More, 82 ITR 540 (SC) (ix) CIT Vs P. Mohnakala, 291 ITR 278 (SC) (x) CIT Vs Sumati Dayal, 214, ITR 801 (SC) (xi) ITO Vs Diza Holdings Pvt. Ltd. 255 ITR 573 (Kerla) (xii) CIT Vs Nova Promoters and Finlease Pvt. Ltd. 18 Taxmann 217 However, a specific objection had been raised by the assessee that the share capital of ₹ 50 lacs had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the explanation offered by him is not, in the opinion of the [Assessing Officer], satisfactory, the sum so credited may be charged to income-tax as the income of the assessee of that previous year. This Court in the case of Commissioner of Income Tax and another Vs. Surendra Singh Malhotra, in Income Tax Appeal No. 284 of 2012 decided on 16.5.2012 held as under: .....The matter was carried in appeal by the assessee. The appellate authority/CIT(A) found that those cash credits were related to the earlier previous year and have nothing to do with the relevant previous year. It was also found that the account books of the assessee was not rejected by the Assessing Officer. In this view of the matter, the appeal was allowed and th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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