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TMI Blog2018 (12) TMI 1443X X X X Extracts X X X X X X X X Extracts X X X X ..... y served upon Shri Achchan Khan, who not only confirmed the transaction, but also furnished necessary details. AO has made addition only because Shri Achchan Khan could not be produced and he was a man of no means. I fail to understand what prevented the AO to issue summons u/s 131 on Shri Achchan Khan. Secondly, when the AO was fully aware that Shri Achchan Khan has made investment of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , ACCOUNTANT MEMBER: This appeal by the assessee is preferred against the order of the Commissioner of Income Tax [Appeals] Ghaziabad dated 02.03.2017 pertaining to assessment year 2012-13. 2. The appeal is barred by limitation by 66 days. I have gone through the prayer for condonation of delay. I am convinced that the assessee was prevented by reasonable cause for not filing the appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a share holder, invested share application money of ₹ 4.35 lakhs during the F.Y. 2009-10. He has also deposited share application money of ₹ 8.50 lakhs in F.Y. 2011-12. Accordingly, notice u/s 133(6) of the Act was issued to Shri Achchan Khan, who confirmed the transaction of share application money of ₹ 8.50 lakhs. The Assessing Officer was not convinced with the explanation gi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e authority but without any success. 8. Before me, the ld. AR reiterated what has been stated before the lower authorities. 9. The ld. DR supported the findings of the Assessing Officer. 10. I have carefully considered the orders of the lower authorities. The undisputed fact is that Shri Achchan Khan is an existing share holder of the appellant company. Therefore, his identity cannot be d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hands of Shri Achchan Khan as unexplained income. By no stretch of imagination addition can be made u/s 68 of the Act in the hands of the appellant company since it has discharged the initial onus cast upon it by virtue of provisions of section 68 of the Act. Addition is uncalled for and directed to be deleted. 11. In the result, the appeal filed by the assessee in ITA No. 5440/DEL/2012 is all ..... X X X X Extracts X X X X X X X X Extracts X X X X
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