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TMI Blog2021 (9) TMI 1017X X X X Extracts X X X X X X X X Extracts X X X X ..... 1316 - ITAT MUMBAI] , we confirm the impugned order and dismiss the appeal of the revenue. - I.T.A. No.5966/Mum/2018 (Assessment Year: 2013-14) - - - Dated:- 30-8-2021 - HON BLE SHRI MAHAVIR SINGH, VP AND HON BLE SHRI MANOJ KUMAR AGGARWAL, AM Revenue by: Shri Bharat Andhale Ld. Sr. DR Assessee by: Shri Aseem Thakkar Ld. AR ORDER Manoj Kumar Aggarwal (Accountant Member) 1. The revenue challenges the order of Ld. Commissioner of Income Tax (Appeals)-8. Mumbai [CIT(A)] order dated 02/08/2018 for Assessment Year (AY) 2013-14 which has deleted certain additions of ₹ 347.69 Lacs as made by Ld. AO u/s 68 while framing an assessment u/s 143(3) on 05/03/2016. 2. The Ld. AR, at the outset, submitted that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rst appellate authority. 3.2 Though Ld. AO noted that similar money received by assessee from entities listed at serial nos. (ii) (iii) as added in earlier year was deleted by Ld. CIT(A) but the revenue was in further appeal before Tribunal and therefore, the assessee s plea could not be accepted. Accordingly, the amount so received was similarly added in this year as unexplained cash credit u/s 68. 4. The Ld. CIT(A) noted the documentary evidences furnished by the assessee to substantiate the receipt of share application money. It was also observed that part of share application money was refunded in AY 2014-15 which was accepted in scrutiny assessment. Further the assessee had submitted specific details regarding each of the three ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... findings: - 8. From the record, we found that after considering the remand report CIT(A) has recorded a finding to the effect that assessee has filed PAN card, CIN Master Data (ROC), Certificate of incorporation of the share applicants which established the identity of share applicants. The CIT(A) also observed that assessee had furnished the copies of share application forms, board resolution and confirmation of account and Ledger accounts to prove the genuineness of the transaction. A finding has also been recorded by the CIT(A) to the effect that assessee had filed IT acknowledgement receipts, balance sheets as on 31/03/2011, bank statements and assessment order u/s.143(3) for the A.Y.2012-13 of M/s. Shining Merchants Pvt. Ltd., and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nished by the assessee, accordingly it was held by CIT(A) that assessee had reasonably discharged its onus to prove the identity, creditworthiness and genuineness of transaction. In view of the documentary evidence furnished which included PAN details, registration certificate, share application forms, board resolution of share applicants, affidavit and confirmation of the share applicants, IT returns, balance sheet and bank statements of share applicants and assessment orders u/s 143(3) in respect of two share applicants. 10. With respect to the credit of M/s. Hotel Padmini Palace Pvt. Ltd., CIT(A) found that assessee had obtained a long term lease from a share applicant named M/s. Hotel Padmini Palace Pvt. Ltd on entering into an agree ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of share premium money since such is a receipt on capital account and is not of revenue nature. The detailed finding so recorded by CIT(A) are as per material on record. We further found that provisions of Section 56(2)(viib) inserted by Finance Act, 2012 had been made applicable from A.Y.2013-14 and does not apply to the year under consideration i.e., for the A.Y.2012-13. Our this view is supported by the decision of ITAT in the case of M/s Gagandeep Infrastructure Pvt. Ltd and M/s Green Infra Ltd. vs. ITO 38 Taxmann 253 wherein it is held that it is the prerogative of the board of directors of the company to decide the share premium and it is the wisdom of the shareholders whether they want to subscribe to such heavy share premium. 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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