2017 (11) TMI 503

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..... ness of the order of the learned CIT(A)-III, Baroda dated 23.12.2015, in the matter of assessment under Section 143(3) of the Income-tax Act, 1961, for the assessment year 2010-11. 2. Grievance raised by the assessee, in short, is against ld. CIT(A)'s confirming addition of Rs. 19,00,000/- as cash credit in respect of share application money received from Smt. Pammi Sandesara, daughter of one of .....

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..... - received as share subscription money by the company as unexplained cash credit. Aggrieved, the assessee carried the matter in appeal before the ld. CIT(A) but without any success. The assessee is in further appeal before us. 4. During the course of proceedings before us, the learned counsel for the assessee has invited our attention to a copy of passport of Smt. Pammi Sandesara which shows that .....

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..... tors of the company. It is, therefore, not a transaction between two strangers. We have also noticed that the earning statements of Smt. Pammi Sandesara's husband and her bank accounts show prima facie evidence of the means of the shareholder. The amounts have been received through the banking channels. Bearing in mind all these factors, in our considered view, the receipts from Smt. Pammi Sandesa .....

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