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2023 (7) TMI 1203 - ITAT AHMEDABADDisallowance u/s 68 - Bogus share capital and Share Premium received - HELD THAT:- As against the share application money received from five investors - As investors were found to be existing in their given addresses and the respective persons of those companies appeared before DDIT Investigation and confirmed the fact of depositing share application money with the assessee company. Assessee further submitted copies of the audited accounts and bank statements of these investors before the A.O. CIT(A) correctly deleted the additions. Share application money invested by M/s. Balram Vinimay Pvt. Ltd. - As after verification of the same and copies of the audited accounts and bank statements and the share application money has been transferred to the assessee company through banking channels. CIT(A) deleted the additions made by the Assessing officer and also following Supreme Court judgment in the case of Lovely Exports (P.) Ltd. [2008 (1) TMI 575 - SC ORDER]. Unsecured loan received from M/s. Jeenma Business Pvt. Ltd. - CIT(A) deleted the addition by holding that the assessee proved the genuineness of the transaction. Before us, the Ld. Sr. D.R. could not produce any contra evidences, which warrant confirming the addition made by the A.O. In the absence of the same, we have no hesitation in confirming the order of Ld. CIT(A) who deleted the additions u/s. 68. Decided against revenue.
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