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TMI Blog2022 (8) TMI 1027X X X X Extracts X X X X X X X X Extracts X X X X ..... with the endorsement Left without address . The assessee even before us could not produce any evidence to substantiate its claim. None of the averments made in the assessment order were rebutted with evidences before us. In the circumstances, we uphold the order of the Assessing Officer as well as the ld. CIT (Appeals) and reject the grounds raised by the assessee. - I.T.A No. 8728/Del/2019 - - - Dated:- 23-8-2022 - Shri Challa Nagendra Prasad, Judicial Member And Shri Pradip Kumar Kedia, Accountant Member For the Assessee : None For the Department : Ms. Shivani Singh, [CIT] D.R. ORDER PER C. N. PRASAD, J. M. : 1. This appeal is filed by the assessee against the order of the ld. Commissioner of Income Tax ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bserving as under:- 4.6.4 The assessee company is private limited company. In the case of such companies there is dose and proximate relationship between the promoters/directors and the shareholders. The closely-held companies are permitted to accept the subscriptions of share capital or deposits only from the friends or relatives of the promoters/directors and such companies are not allowed to accept subscriptions or deposits from the general public. As such, there should have been no difficulty on the part of the assessee to produce somebody from the said entity, had the whole apparatus not been merely a conduit to plough :ack the unaccounted money of the assessee- company in the garb of share application money. The assessee-company&# ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the judicial authorities on this issue. The Hon'ble Delhi High Court in the case of M/s Nova Promoters, it has been held that burden to prove the identity, genuineness of the transaction 2 and creditworthiness of share applicant lies on the assessee. Moreover in the recent decisions in the case of CIT Vs. N.R. Portfolio, in ITA No. 1018/2011 1019/2011 and also in he case of CIT Vs. N Tarika Properties Investment Pvt. Ltd. in ITA No. 2080/2010, the lon'ble High Court of Delhi has strongly endorsed the view of the High Court in the case of M/s. Nova Promoters. 4.6.8 Thus, keeping in view the totality of the facts, above discussion the amount of Rs. 79,92,160/- is added to the income of the assessee company u/s 68 of the I. T. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rn/interest was given to the loan creditors. Accordingly, genuineness of the transaction is not established. As discussed in details, the case of persons applying from share capital/share premium here also all the three limbs of section 68 remains unproved. Accordingly, provisions of section 68 are dearly attracted in the case of loan creditors also. 5.4 Thus, keeping in view the totality of the facts, above ti scussion the amount of Rs. 33,80,65,397/- being short term borrowings received during the year are adder to the income of the assessee company u/s 68 of the I.T. Act, 1961. 5. Before the ld. CIT (Appeals) the assessee could not establish the genuineness of the share application money and the un-secured loans by filing the nece ..... X X X X Extracts X X X X X X X X Extracts X X X X
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