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TMI Blog2022 (11) TMI 521X X X X Extracts X X X X X X X X Extracts X X X X ..... not placed any material on record to controvert the findings of lower authorities. In such a situation, we find no reason to interfere with the order of CIT(A). Thus the grounds of assessee are dismissed. - ITA No. 8921/Del/2019 - - - Dated:- 19-9-2022 - SH. ANIL CHATURVEDI, ACCOUNTANT MEMBER AND SH. NARENDER KUMAR CHOUDHARY, JUDICIAL MEMBER Assessee by None Revenue by Shri Kanav Bali, Sr. D.R. ORDER PER ANIL CHATURVEDI, AM: This appeal filed by the assessee is directed against the order dated 12.09.2019 passed by the Commissioner of Income Tax (Appeals)-I, New Delhi relating to Assessment Year 2011-12. 2. Brief facts of the case as culled out from the material on record are as under :- 3. Assessee i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wherein the assessee was asked to explain the nature and source of the transactions with respect to the identity, creditworthiness and genuineness of the share application money, and to produce the directors of the company who have subscribed to the share capital of assessee. AO noted that assessee did not produce the directors, nor filed the required details called for by the AO. AO, thereafter, for reasons noted in the assessment order concluded that the funds received on account of share capital cannot be accepted as genuine transactions of raising share capital and by merely complete the paper trail it cannot be said that assessee has discharged its onus to prove genuineness of transactions. AO, thereafter, by relying on the decision o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of escapement of income and that AO had applied his mind by considering all the information before him. He has further noted that AO had taken the approval of higher authorities as required u/s 151 of the Act before issuing notice u/s 148 of the Act and has not acted under the borrowed belief or under any direction. He has further noted that the reasons recorded by the AO were based upon specific information. He, thereafter, concluded that AO had validly assumed jurisdiction u/s 148 of the Act by recording the reasons to believe in accordance with the provisions of the Act u/s 147 of the Act and therefore, held reopening to be valid. 7. On the merits of the additions, Learned CIT(A) after considering the various decisions cited in his or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... so filed. 3. The Ld. CIT(A) has erred in law as well as in facts by confirming the addition of Rs.2,04,000/- on account of alleged commission paid on receipt of share application money. 4. The Ld. CIT(A) has erred in law as well as in facts by confirming the above additions disregarding the documentary evidences filed by the appellant and by merely relying on the fact that the directors of the share applicant company could not be produced assuming a burden on the appellant which is not conceived under the law. 5. The Ld. CIT(A) has erred in law and on facts in confirming the additions made by the AO despite the appellant having fully discharged the onus cast on them under the law. 6. Any other ground, the assessee ma ..... X X X X Extracts X X X X X X X X Extracts X X X X
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