9911796707
TMI Blog2024 (6) TMI 1192X X X X Extracts X X X X X X X X Extracts X X X X ..... indings of the CIT (A) is that the share application money was received in F.Y. 2007-08. The bank statements show that the credits were made in the bank account in the month of August 2008. The contention of the Counsel that the cheques were received in the month of March-2008 and, therefore, the entries are reflected in F.Y.2007-08 is nothing but mockery of the accounting system as no bank in the entire country would validate clearing of check after 8 months. The validity of check is only for 3 months and, therefore, cheques of March-2008 could not have cleared in the month of August-2008. Assuming that fresh cheques were issued then the cheques must have been issued in F.Y. 2008-09 pertaining to year under consideration. When the bench as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to amount of share premium and increase in paid up capital ignoring the fact that the identity, creditworthiness and genuiness of the creditors were not established by the assessee. 2. That the Ld. Commissioner of Income Tax (Appeal), Moradabad has erred in law and on the facts of the case in deleting the addition of Rs. 1,00,00,000/- on account of unexplained deposits with regard to amount of share application money ignoring the fact that assessee has not provided any details in respect of such sum during the assessment proceedings. 3. That the order of the Ld. Commissioner of Income Tax (Appeal), Moradabad is erroneous in law and on facts may be cancelled and the order of the Assessing Officer may be restored. 4. Any other grounds may be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... were cheeked by the undersigned during a camp at Najibabad on 19.04.2017 and the said information was found to have been filed by the assessee and was on record, Therefore the AO was grossly mistaken in stating that the details of identity of the share applicants were not proved. He not only made the mistake of adding the amount in the current year but also on facts by ignoring the submission of the assessee which the latter had provided as evidence regarding identity and creditworthiness of the persons who had given share application money. Moreover other than what he had stated in his order, the AO made no independent verification to examine the facts before making these huge additions. In the absence of the same, the addition made canno ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the month of March-2008 and, therefore, the entries are reflected in F.Y.2007-08 is nothing but mockery of the accounting system as no bank in the entire country would validate clearing of check after 8 months. The validity of check is only for 3 months and, therefore, cheques of March-2008 could not have cleared in the month of August-2008. Assuming that fresh cheques were issued then the cheques must have been issued in F.Y. 2008-09 pertaining to year under consideration. When the bench asked the Counsel to give the balance sheet of year ending 31.03.2008 the Counsel showed his inability and sought adjournment. 10. We are of the considered view that this issue needs fresh examination of facts and, therefore, we deem it fit to restore the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
