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TMI Blog2024 (5) TMI 436X X X X Extracts X X X X X X X X Extracts X X X X ..... -12 and the assessee fails to offer explanations or explanations are not satisfactory. The assessee has received the share application money along with the share premium in the financial year 2006-07 and not in F.Y.2011-12. We find the CIT(A) has dealt on the facts, provisions of law and judicial decisions. The Ld. DR could not controvert the findings of the CIT(A) with any new cogent material or information to take different view. CIT(A) has passed a reasoned and conclusive order. - Decided against revenue. - SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER For the Appellant : Ms. Bhumika Patel- Sr.DR For the Respondent : None ORDER PER BENCH : 1. These are the two appeals filed by the Revenue against t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ear 2006-07 to financial year 2011-12.The AO found that the assessee has received the share application money along with the share premium in the financial year 2006-07 and subsequently, in the financial year 2011-12 Rs. 4,00,000/- was transferred to share capital account and Rs. 1,96,00,000/- was transferred to share premium account. Whereas the assessee has shown in the financial year 2006-07 share application money pending allotment Rs. 4,45,00,000/- which includes the share application money of Rs. 2,00,00,000/-. The assessee has filed the detailed submissions through letter and the assessing officer has issued notice u/sec 133(6) of the Act on the share/investor applicants and there was no compliance to notices. Therefore, the AO has i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... apital and premium irrespective of the facts that the assessee has failed to establish the genuineness and creditworthiness of the transactions and supported the order of the Assessing Officer. None appeared on behalf of the assessee. 6. We have heard Ld.DR submissions and perused the material on record. The sole crux of the disputed issue envisaged by the Ld. DR that the CIT(A) has erred in deleting the share capital and share premium ignoring the fact that the assessee has not establish the genuineness and credit worthiness of the transactions. The AO has relied on the financial statements of F.Y 2006-07 and accepted that the assessee has received the share application money pending allotment of Rs. 2,00,00,000/- which includes Rs. 1,96,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are enclosing herewith the bank statement of your assessee for the period when the share applications were received and we have already submitted the financial statements of earlier years reflecting the share application money. As your assessee had not received any money during the F.Y. 2011-12 towards the share capital issued during the F.Y. 2011-12, hence by no stretch of imagination there can be any addition for unexplained cash credit during the F.Y. 2011-12. I have considered the show cause notice as well as the contention of the appellant and find that Sec. 68 refers to sums found credited in the books during the year. Accordingly, the contention of the appellant this sum could not be brought to tax in FY 2011-12 because the sum was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny new cogent material or information to take different view. We considered the facts, circumstances, submissions as discussed above are of the view that the CIT(A) has passed a reasoned and conclusive order. Accordingly we do not find any infirmity in the order of the CIT(A) and uphold the same and dismiss the grounds of appeal of the revenue. In the result, the appeal filed by the revenue is dismissed. ITA No. 5314/M/2017 A.Y. 2011-12 8. The Revenue has filed an appeal against the order of Commissioner of Income Tax appeals (CIT(A))-18 passed u/sec 250 of the Income Tax Act, 1961. The Revenue has raised the following grounds of appeal as under:- 1. a) On the facts and in the circumstances of the case and in law, whether the Ld. CIT(A) was ..... X X X X Extracts X X X X X X X X Extracts X X X X
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