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TMI Blog2020 (8) TMI 60X X X X Extracts X X X X X X X X Extracts X X X X ..... ainable to the fact the source of share capital and premium is found to be explained in terms of provisions u/s 68 of the Act. Therefore, we find no infirmity in the order of CIT(A) and it is justified. Thus, only issue raised by the revenue is dismissed. - I.T.A No. 2210/Kol/2019 - - - Dated:- 6-2-2020 - Shri P.M. Jagtap, Vice President And Shri S.S. Viswanethra Ravi, Judicial Member For the Assessee : Shri Vikash Surana, CA For the Revenue : Smt. Ranu Biswas, Addl. CIT ORDER PER S.S. VISWANETHRA RAVI, JM This appeal by the Revenue against the order dated 03.04.2019 passed by the Ld. CIT(A) 17, Kolkata for A.Y. 2012-13. 2. We find that the revenue has filed this appeal with a delay of 25 days. The ld. DR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee company appeared personally but failed to produce any director of investors or any credible evidence in support raising share capital during the year under consideration. Having no new evidence in terms of provisions u/s 68 of the Act, the AO held that the verification could not complete for non-compliance of summons and added share capital along with the premium of ₹ 1,60,00,000/- on account of unexplained cash credit u/s 68 of the Act. The Ld. CIT(A) deleted the said amount taking into consideration, the addition involving the same transaction made in the hands of M/s. SNR Trading Co. (P) Ltd. on account of unexplained income for A.Y. 2012-13 by placing reliance on the order of Kolkata Tribunal in the case of Tritium Commod ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it and the Ld. CIT(A) in the First Appellate Proceedings therein deleted the same only on the ground that the same amount was added in the hands of share subscribing company. The fact remains admitted the said M/s. SNR Trading Co. (P) Ltd. was assessed to tax u/s 143(3) of the Act and the amount of share capital said to have been invested in the assessee company is explained because source of money in question was assessed in the hand of investor company. Therefore, the identity of M/s. SNR Trading Co. (P) Ltd., genuineness of transaction and creditworthiness is proved. Therefore, the addition made in the hands of assessee is not maintainable to the fact the source of share capital and premium is found to be explained in terms of provisions ..... X X X X Extracts X X X X X X X X Extracts X X X X
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