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TMI Blog2020 (9) TMI 239X X X X Extracts X X X X X X X X Extracts X X X X ..... erified by the AO with regard to the genuineness and the creditworthiness of the creditors as well as the share applicants/share applications money received by the assessee. We remit back the matter to the file of the AO to redo the assessment de nova taking into consideration of all the evidences placed before him by the assessee - direct the AO to consider the issue of addition with regard to the opening balance and set off of losses u/s 115BBE as per the law and in the light of the board Circular issued by the CBDT in circular No.11 of 2009. - Appeals are allowed for statistical purposes. - ITA Nos.883/Hyd/2018 and 118/Hyd/2019, ITA No.1043/Hyd/2018 - - - Dated:- 4-9-2020 - Smt. P. Madhavi Devi, Judicial Member And Shri D.S. Sunde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Montree Nirman P Ltd 1,14,04,296 7 Tatashir Plazza P Ltd 1,13,80,921 8 Footlash Infra P Ltd 1,16,14,390 9 Mangalvanin Infrabuild P Ltd 1,15,61,935 TOTAL 9,48,38,105 3. Apart from the above, the AO also brought to tax the share application money amounting to ₹ 7,50,00,000/- u/s 68 r.w.s. 115BBE of the Act. Thus, the AO made the addition of ₹ 16,98,38,110/- u/s 68 r.w.s 115BBE of the act. 4. Against the order of the AO the assessee went on appeal before the CIT (A) and the learned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rned DR submitted that the AO has given sufficient opportunities to the assessee, but the assessee failed to submit the details and establish the genuineness and the credit worthiness of the creditors during the assessment proceedings. Therefore, submitted that all the opportunities were given to the assessee. The companies from which the unsecured and share application monies were accepted are shell companies without having any means, creditworthiness and financial standing, and hence, argued to restore the assessment order. 8. With regard to the assessment made u/s 115BBE of the I.T. Act, the learned AR submitted that for the assessment year 2014-15, the unsecured loans were received prior to 2016 and as per the Board Circular No.11 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r to the file of the AO to redo the assessment de nova taking into consideration of all the evidences placed before him by the assessee. However, we direct the AO to consider the issue of addition with regard to the opening balance and set off of losses u/s 115BBE of the Act as per the law and in the light of the board Circular issued by the CBDT in circular No.11 of 2009. Accordingly, the appeal of the assessee as well as the Revenue are set aside to the file of the AO for de nova consideration. 11. In the result, appeals are allowed for statistical purposes. ITA No.118/Hyd/2019, A.Y 2015-16 12. This appeal is filed by the assessee and the issue involved is with regard to the addition made u/s 68 r.w.s 115BBE of the I.T. Act. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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