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TMI Blog2022 (8) TMI 204X X X X Extracts X X X X X X X X Extracts X X X X ..... ng balance of the Assessee as found by the CIT (A), which has not been disputed by the DR. Further, the identity of above assets, genuineness and creditworthiness had also been accepted in those years. Therefore in our opinion, the assessee has produced enough supporting evidence to substantiate the genuineness of the creditors and has successfully discharge its onus. In so far as, Mr. Syed Arshad is concerned, the said transaction is between the shareholders inter-se, such transfer has not resulted any increase in the share capital nor resulted in any fresh infusion of funds and the transaction has got no relation to the assessee company and such transaction does not resulting in any amount being credited in the Assessment Year 2008- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4 Add: Disallowance of AMC Charges u/s 40a(ia) Rs. 36,000/- Add: Disallowance of depreciation (as discussed Above in para 7) Rs. 15,75,402/- Add: Disallowance of capitalization of retention money Rs. 71,08,200/- Net taxable income Rs. 4,04,58,677/- 3. As against the assessment order, the assessee has filed an appeal before the CIT(A). The Ld. CIT(A) has partly allowed the appeal vide order dated 29/01/2104, by deleting the addition of Rs. 4,38,86,460/- which was made by the A.O. 4. Aggrieved by the order of the Ld. CIT (A) in de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce to substantiate the genuineness of the creditors. Further submitted that, the Ld. CIT(A) has committed an error in admitting the fresh evidence by the assessee, but failed to appreciate the remand report of the AO wherein it was mentioned that, even after providing repeated opportunities to submit the evidence, the assessee has failed to submit any evidence before the AO. Therefore submitted that the deletion made by the Ld. CIT(A) is deserves to be set aside. 6. Per contra, Ld. Counsel for the assessee vehemently submitted that, the assessee has provided a detailed notarised confirmation, income tax return and bank statements of the share holders which have been considered by the Ld. CIT(A) and came to just conclusion. Further in so ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , Sh. S. P. Dham, Syed Arshad. 9. It is also seen that the above named share holders, were holding the shares in assesses company even before the year under consideration and such shareholding forms part of opening balance of the Assessee as found by the CIT (A), which has not been disputed by the DR. Further, the identity of above assets, genuineness and creditworthiness had also been accepted in those years. Therefore in our opinion, the assessee has produced enough supporting evidence to substantiate the genuineness of the creditors and has successfully discharge its onus. Further, in so far as, Mr. Syed Arshad is concerned, the said transaction is between the shareholders inter-se, such transfer has not resulted any increase in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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