2019 (10) TMI 1606

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..... 1. This appeal is filed by the assessee against the order of the ld CIT(A)-4, Hyderabad dated 03.06.2016, wherein, the addition of Rs. 25 lakcs made by the ld AO u/s 68 of the Act on account of amount invested as share capital in the assessee company by another company. 2. The brief facts of the case shows that the assessee is a company engaged in trading of Voltage Stablizer. It filed its return .....

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..... u/s 143(3) of the Act was passed determining the total income of the assessee at Rs. 25 lacs. 4. Assessee aggrieved with the order preferred appeal before the ld CIT(A). Before him also the assessee did not furnish any confirmation. However, the assessee pleaded that at the time of amalgamation Hon'ble High Court.. has passed the order, therefore, the identity, creditworthiness and genuinene .....

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..... ble on record. 6. The ld DR vehemently supported the order of the lower authorities. 7. We have carefully considered the contentions and also perused the orders of the lower authorities. Apparently in this case the assessee has received share capital of Rs. 25 lacs from one company for which the assessee could not establish the identity, creditworthiness and genuineness of the transaction. There .....

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