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TMI Blog2022 (9) TMI 817X X X X Extracts X X X X X X X X Extracts X X X X ..... accounts and bank statements submitted by the Ld. AR that the amounts were received through banking channels. CIT(A) has rightly observed that an amount of Rs. 1,95,25,000/- being the opening balance in the ledger account of M/s. Express Dealers Private Limited and the balance amount of Rs. 1,60,27,000/- was received into the bank account of the assessee during the current AY, and hence if the AO wished to tax the income u/s. 68 he should have added only on Rs. 1,60,27,000/- being the receipts during the current financial year and not the opening balance. We also observe from the ledger accounts submitted by the Ld. AR of M/s. Charansheela Consultants Private Limited the amounts were received through banking channels from 2011-12 onwar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Aggrieved by the order of the Ld. AO, the assessee filed an appeal before the Ld. CIT(A). Before the Ld. CIT(A), the Ld. AR submitted the details as submitted before the Ld. AO. Considering the submissions made by the assessee s Representative, the Ld. CIT(A) partly allowed the appeal by deleting the additions of Rs. 3,67,88,800/-. Aggrieved by the order of the Ld. CIT(A), the Revenue is in appeal before us. 3. The Revenue has raised the following grounds of appeal: 1. The order of the Ld. CIT (A) is erroneous both on facts and in law. 2. The Ld. CIT(A) has erred in directing the AO to delete the addition of Rs. 3,55,22,000/- made towards disallowance of share premium received from M/s. Express Dealers Private Limited U/s. 68 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... invited our attention to the copy of the ledger account of M/s. Express Dealers Private Limited and M/s. Charansheela Consultants Private Limited available at pages 36 to 40 of the paper book. The Ld. AR also submitted that the investor company namely M/s. Express Dealers Private Limited was subjected to scrutiny assessment for the AY 2010-11 with respect to the issue of share capital at a premium. The Ld. AR invited our attention to page 76 to 77 of the paper book wherein no specific addition was made in the assessment order of M/s. Express Dealers Private Limited with respect to the amount received as share capital by them. The Ld. AR further submitted that the investor namely M/s. Express Dealers Private Limited utilized the funds avail ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nancial year and not the opening balance. We also observe from the ledger accounts submitted by the Ld. AR of M/s. Charansheela Consultants Private Limited the amounts were received through banking channels from 2011-12 onwards. Thus, there is anopening balance of Rs. 12,90,000/- as on 1/4/2013 whereas the allotment of shares was done for Rs. 12,36,800/-. In view of the above discussions, we find that the Ld. AO has erred in treating the investments in the assessee company as unexplained cash credits u/s. 68 r.w.s 115BBE of the Act is not valid in law and we therefore find no infirmity in the order of the Ld. CIT(A) and hence no interference is required. 8. In the result, appeal of the Revenue is dismissed. Pronounced in the open C ..... X X X X Extracts X X X X X X X X Extracts X X X X
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