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TMI Blog2019 (8) TMI 21X X X X Extracts X X X X X X X X Extracts X X X X ..... the Assessee in lieu of the shares allotted to them. And lastly, there was no requirement to examine the creditworthiness of any sum advanced or invested because in fact, there was no transaction in terms of cash/money. Having examined the impugned orders of the PCIT and the ITAT, and having considered the submissions of Revenue, this Court is of the view that in the facts and circumstances of the case on hand, the interpretation placed by the ITAT on Section 68 of the Act, its reasoning and conclusions in the impugned order are consistent with the legal position and cannot be said to be suffering from any legal infirmity. No substantial question of law arises from the impugned order. - Decided against revenue. - ITA 693/2019 - - - Dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed counsel for the Revenue, the Court has examined carefully the impugned orders of the PCIT as well as the ITAT. An outstanding factor, which according to the ITAT, clinched the issue was discussed by it in para 8 of the impugned order which reads as under: 8. One more important fact which clinches the entire issue and separates the case of the assessee from all other cases of share capital and share premium is that, here it is not the case where the assessee has received any money in form of cash or cheque in lieu of share application or share premium; rather the assessee had received investments in form of equity shares held by these companies in their balance sheet for a long time and duly disclosed in their income tax partic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned order of the ITAT noted that the AO did undertake a detailed inquiry and got the entire records from the 15 companies and therefore, it could not be said that he failed to investigate the genuineness and creditworthiness of the source of funds. The identities of the parties were not in dispute. The genuineness of the transaction was held to have been fully proven by the fact the companies had given shares to the Assessee in lieu of the shares allotted to them. And lastly, there was no requirement to examine the creditworthiness of any sum advanced or invested because in fact, there was no transaction in terms of cash/money. 8. Having examined the impugned orders of the PCIT and the ITAT, and having considered the submissions of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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