9911796707
TMI Blog2012 (5) TMI 772X X X X Extracts X X X X X X X X Extracts X X X X ..... appeal by the Revenue reads as under:- The Ld.CIT(A) has erred on facts and in law in deleting addition of ₹ 9,00,000/- made by the Assessing Officer u/s 68 of the I.T.Act, 1961 on account of share capital and share premium, ignoring the fact that even if paper identity of the share applicants have been established, yet for the purpose of accepting the genuineness of funds u/s 68 of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sum of ₹ 38,60,000/- was share capital and ₹ 1,54,40,000/- was share premium. The assessee had produced the confirmations and other supporting evidence in respect of share capital and share premium received by it. He also produced the various shareholders whose statements under Section 131 were recorded. However, the assessee could not produce the person controlling M/s Trilochan Publ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... confirmed to the Assessing Officer. On these facts, the learned CIT(A), relying upon the decisions of Hon ble Jurisdictional High Court in the case of CIT Vs. Value Capital Services (P) Ltd. - 307 ITR 334, CIT Vs. Dwarkadhish Investment (P) Ltd. - ITA No.911/2010 ITA No.913/2010 and CIT Vs. Oasis Hospitalities Pvt.Ltd. - 9 taxmann.com 179, held that the assessee has duly discharged the onus of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cable wherein their Lordships of the Apex Court held as under:- that in this case the respondent had given the names and addresses of the alleged creditors. It was in the knowledge of the Revenue that the said creditors were income-tax assessees. Their index numbers were in the file of the Revenue. The Revenue, apart from issuing notices under section 131 at the instance of the respondent, di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case of Orissa Corporation P.Ltd. (supra) because in the said case, in response to summons issued under Section 131, the creditor was not found at the address. In the case under appeal before us, in response to the notice under Section 133(6) issued by the Assessing Officer, the creditor was found at the address and affirmed the transaction by sending a letter to the Assessing Officer. In vie ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
