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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 ..... 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 referred to petition filed to condone the delay and submitted the reasons for delay in filing the appeal in time. On perusal of the same and upon hearing both the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llotted aggregate paid up share capital and share premium to the tune of Rs. 1,92,03,000/-, out of which Rs. 1,60,00,000/- was credited during the relevant year under consideration. The AO asked the assessee to substantiate the identity, creditworthiness and genuineness of transactions in terms of section 68 of the Act. The AO specifically directed to produce the directors of the subscribing compa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce on the order of Kolkata Tribunal in the case of Tritium Commodities Pvt. Ltd. 5. We note that the M/s. SNR Trading Co. (P) Ltd. is an existing shareholder in assessee company and the director of the said company are the own family members of Board of Directors of assessee company. Further, we note that the assessee company has a turnover of 61 crores during the year under consideration and M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... application company are being assessed u/s 143(3) of the Act and the source of money in question was brought to tax in the hands of share subscribing company and no addition can be made in the assessee company. 6. On perusal of the said orders, we find on similar identical facts, the AO added the amounts in the hands of assessee under unexplained cash credit and the Ld. CIT(A) in the First Appel ..... X X X X Extracts X X X X X X X X Extracts X X X X
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