9911796707
TMI Blog2024 (12) TMI 1536X X X X Extracts X X X X X X X X Extracts X X X X ..... jee, Adv. For the Respondent : Mr. Abhratosh Majumdar, Sr. Adv., Ms. Swapna Das, Adv., Mr. Siddharth Das, Adv. ORDER The Court : This appeal filed by the assessee under Section 260A of the Income Tax Act, 1961 (the Act) is directed against the order dated 8th August, 2023 passed by the Income Tax Appellate Tribunal, "C" Bench, Kolkata (the Tribunal) in ITA No. 22/Kol/2021 for the assessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd genuineness of a transaction during assessment proceeding. (iii) Whether on the facts and in the circumstances of the case the Tribunal was justified in law is not appreciating the settled preparation of law as laid down in Pr. CIT (Central - 1) Kolkata Vs- NRA Iron & Steel Pvt. Ltd. reported in 412 ITR 161 that the assessee is under a legal obligation to prove the receipt of share capital/p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eme Court as to how a matter should be examined when the assessing officer proposes to invoke this power under Section 68 of the Act. The broad principles which were laid by the Hon'ble Supreme Court in so far as the credits of the share capital/premium are that the assessee under a legal obligation to prove the genuineness of the transactions, the identity of the creditors and creditworthiness of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and examined the factual position. There were seven subscribers whose creditworthiness was considered by the CIT (A) and in paragraph 4.3 of the order passed by the CIT (A) dated 2nd September 2020, the net worth of the companies have been set out. In paragraph 4.4 the CIT (A) noted that it is evident from the information furnished by the assessee filed out of the seven subscriber companies were s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat enquiry he has made and as to how in his opinion the transactions were held to be not genuine. The only aspect which borne in the mind of the assessing officer was that the directors of the erstwhile subscribers company, though were issued summons, did not personally appear. However, it is not in dispute that the documents were all placed before the assessing officer and no independent enquiry ..... X X X X Extracts X X X X X X X X Extracts X X X X
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