9911796707
TMI Blog2019 (10) TMI 1606X X X X Extracts X X X X X X X X Extracts X X X X ..... itor. Therefore, the assessee has failed to discharge initial onus cast upon it. Further the order of CIT(A) also noted that assessee itself is an entity which is a penny stock company. Merely because there is an order of the Hon'ble High Court of amalgamation, the identity, creditworthiness and genuineness of the depositors cannot established. No infirmity in the order of the lower authorit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed with the assessee company by the order of Hon'ble High Court w.e.f 16.09.2012. The share capital of the amalgamated company got increased and the details were asked from the assessee. The investor company M/s. Gawaraja Merchants Pvt. Ltd having address of P-27, Prince Street, 3rd Floor, Kolkata invested Rs. 25 lacs in the share capital of the assessee company. On enquiry, it was found that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vestigation), Kolkata and noted that addition deserved to be confirmed. However, he also gave a finding that the years in which money is received, the addition is to be made. Thus he confirmed the addition. The assessee is in appeal before us. 5. At the time of hearing the assessee requested for adjournment. However, it was noted that on earlier occasion also the assessee has sought adjournment a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to discharge initial onus cast upon it. Further the order of the ld CIT(A) also noted that assessee itself is an entity which is a penny stock company. Merely because there is an order of the Hon'ble High Court of amalgamation, the identity, creditworthiness and genuineness of the depositors cannot established. In view of above facts we do not find any infirmity in the order of the lower aut ..... X X X X Extracts X X X X X X X X Extracts X X X X
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