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TMI Blog2018 (6) TMI 1755X X X X Extracts X X X X X X X X Extracts X X X X ..... rties has been returned unserved. There is no evidence on record that this fact has been confronted to the assessee and that the assessee was asked to produce the parties and prove the creditworthiness of the said parties. In such circumstances, when the assessee is not confronted with the return of notices, it is not understandable as to how the assessee is expected to discharge its onus. However, the assessee also has not submitted any evidence with regard to Uplink Vyapar Pvt. Ltd and the copy of the confirmation letter filed in paper book, cannot be considered, as it was not filed before the authorities below earlier. We confirm the addition allegedly received from Uplink Vyapar Pvt. Ltd, Kolkata. As far as the other two parties are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of only Basukinath Developers Pvt Ltd and Axiom Goods Pvt. Ltd. The assessee did not mention about the share application money of ₹ 16.00 lakhs received from Uplink Vyapar Pvt Ltd. The AO observed that all the three companies, from whom the share application money was received during the year, are registered in Kolkata and that the share application money was contributed for allotment of shares of ₹ 10/- each with a premium of ₹ 310/- per share. Observing that the assessee company had no reserves for payment of such huge premium, the assessee was requested to prove the genuineness of the transaction. 4. In response to this, the assessee filed a letter dated 07.03.2014, explaining that the said two companies have made i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Therefore, according to him, the assessee has proved the genuineness of the transactions and also had given the PAN of those companies and therefore, their identity is also proved. As far as the creditworthiness is concerned, he submitted that the AO had never asked the assessee to prove or produce the parties and the assessee was not aware of the fact that notices issued to the parties have been returned unserved. However, he submitted that since the transactions are through banking channels, the creditworthiness of those parties is also proved. As regards the doubts raised about the premium paid by these companies, he drew our attention to the balance sheet of the company to demonstrate that it had reserves which justified the premium p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t confronted with the return of notices, it is not understandable as to how the assessee is expected to discharge its onus. However, the assessee also has not submitted any evidence with regard to Uplink Vyapar Pvt. Ltd and the copy of the confirmation letter filed in paper book, cannot be considered, as it was not filed before the authorities below earlier. Therefore, we confirm the addition of ₹ 16.00 lakhs allegedly received from Uplink Vyapar Pvt. Ltd, Kolkata. As far as the other two parties are concerned, we deem it fit and proper to remand the issue to the file of the AO for reconsideration in accordance with law after giving the assessee due opportunity of producing the parties to prove their creditworthiness. 8. In the res ..... X X X X Extracts X X X X X X X X Extracts X X X X
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