9911796707
TMI Blog2022 (2) TMI 1024X X X X Extracts X X X X X X X X Extracts X X X X ..... is satisfaction regarding the identity and creditworthiness of the share applicants and the genuineness of the transaction. It is also not understood as to how the assessee company was able to get share premium of ₹ 49,990/- per share for a ₹ 10/- per share when it is not doing any worthwhile business. Even before the Ld. CIT(A), despite number of opportunities granted, the assessee never bothered to appear before her and was seeking adjournment under one pretext or the other just to derail the appeal process Assessee failed to substantiate the identity and creditworthiness of the share applicants/ investors and the genuineness of the transaction and the reason for charging huge premium of ₹ 49,990/- per share of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e alleged share applicants proving their identity and creditworthiness and genuineness of the transaction with supporting evidence. However, there was no compliance to the same. Subsequently, the A.O. again asked the assessee to file details to which the assessee filed the name of the share applicants, the details of which are as under : S.No. Name address No. of shares Share capital received including premium (Rs.) 1. Aadhar Ventures India Ltd., 1100 5,50,00,000 2. Advance Technologies Ltd., 400 2,00,00,000 3. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng status of compliance is as under: Date of Hearings Status of compliance 20.06.2016 Notice issued for hearing on 08.07.2016 08.07.2016 Adjourned to 08.08.2016 on assessee's request 08.08.2016 Adjourned to 26.08.2016 on assessee's request 26.08.2016 Adjourned to 26.09.2016 on assessee's request 26.09.2016 Final date given on 13.10.2016 13.10.2016 Again Final opportunity on 10.11.2016 on request 10.11.2016 Mr. M.K Arora (Adv) appeare ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee has adopted evasive techniques to avoid giving replies to the queries till the very end. The counsel of the assessee has been attending the assessment proceedings sporadically but could not offer any further explanations or to produce alleged share subscribers or the Directors of the Company. It is also Seen that on the share value of ₹ 10, the premium shown is ₹ 49,990/- which has clearly been done to hike up the value of the company. The whole circumstances as analysed by the AO, makes it very clear that the assessee has introduced its own unaccounted money through book entries with questionable intentions. As the assessee is not in a position to clarify/substantiate anything, the conclusion reached at by the AO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y which is unfair. 3. That additions made by Ld. AO and later on confirmed by Ld CIT(A)-36 as referred above, on account of Share Application money/Share Premium received from parties amounting to ₹ 10,00,00,000/- is grossly unjust as the same is capital receipt and adding the same in the income of the assessee/appellate company is bad in law. 4. The appellant craves to add, delete or modify any grounds of appeal at the time of hearing of appeal. 6. We have head the Ld. D.R. perused the orders of the A.O. and the Ld. CIT(A) and the paper book filed on behalf of the assessee. We have also considered the various decisions cited before us. We find the A.O. in the instant case made addition of ₹ 10 crores to the to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n it is not doing any worthwhile business. Even before the Ld. CIT(A), despite number of opportunities granted, the assessee never bothered to appear before her and was seeking adjournment under one pretext or the other just to derail the appeal process. Under these circumstances and considering the fact that assessee failed to substantiate the identity and creditworthiness of the share applicants/ investors and the genuineness of the transaction and the reason for charging huge premium of ₹ 49,990/- per share of ₹ 10/-, we do not find any infirmity in the order of the Ld. CIT(A) in upholding the addition made by the A.O. Accordingly, the order of the Ld. CIT(A) is upheld and the grounds raised by the assessee is dismissed. 7 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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