9911796707
TMI Blog2016 (5) TMI 1422X X X X Extracts X X X X X X X X Extracts X X X X ..... ts of third party Shri Aseem Kumar Gupta, admittedly, recorded in the back of the assessee. It has come on record that the share application money of 50,00,000/- was received from Moderate Credit Corporation Ltd., a listed company. It is not disputed before this court that the investment made was received by account payee cheque and the same was refunded by an account payee cheque when the company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 77; 75,00,000/- made by the Assessing Officer (AO) under Section 68 of the Income Tax Act, 1961 (for short "the Act"), vide assessment order dated 4.3.14 for the assessment year 2006-07, has been dismissed. 2. The relevant facts are that the assessee, a company, introduced share application money to the tune of ₹ 75,00,000/- including the sum of ₹ 50,00,000/- received allegedly taken ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ade through regular banking channel and it has been refunded through regular banking channel when project of the company was dropped. The CIT (A) found that the investment and refund of the share application money are verifiable from the bank accounts of the appellant company. The statements of Shri Aseem Kumar Gupta recorded behind the back of the company, were not found reliable. That apart, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed. Learned counsel submitted that the ITAT has erred in ignoring the fact that the assessee could not substantiate its necessity for obtaining huge share application money only after a few months of promoting the company. 6. We have considered the submissions of the learned counsel and perused the material on record. 7. A bare perusal of the assessment order reveals that the AO has made the add ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... held not sustainable in the eyes of law. Suffice it to say that the finding arrived at by the CIT (A), affirmed by the ITAT, which remains a finding of fact, cannot be said to be capricious or perverse. 8. In view of the discussion abvoe, in our considered opinion, no substantial question of law arises for consideration of this court in the present appeal. 9. Accordingly, the appeal is dismisse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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