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2010 (1) TMI 1234 - AT - Income TaxAddition u/s 68 - Unexplained credit - share application money and share premium money - Addition made as there is no basis on which the shares of the assessee company can command premium of ₹ 490/- per share - reliance on Tribunal order in the preceding year in deleting addition by CIT(A) - HELD THAT:- We find that the relevant para of this Tribunal decision rendered in the case of the assessee in assessment year 2000-01 this aspect was not there in that year that the share application money was received by the assessee company at a high premium of ₹ 490/- per share whereas in the present year, this is the main basis on which addition was made by the Assessing Officer. Hence, merely on this basis of the Tribunal order in the preceding year, the issue in the present year cannot be decided and in the same, this aspect has to be examined as to whether the receipt of high share premium of ₹ 490/- per share in the present year is reasonable and in spite of this high premium, the transaction of receipt of share application money in the present year can be accepted as a genuine transaction. Regarding judgment of Lovely Exports [2008 (1) TMI 575 - SC ORDER], we feel that judgment is not squarely applicable in the present case because the facts are different. In that case, it was not the allegation of the revenue that because of high amount of share premium on per share, that the transaction in question was not genuine. Hence, we feel that this matter should go back to the file of the Ld CIT(A) for afresh decision. We set aside the order of the Ld CIT(A) on this issue to the extent of addition deleted by him on amount received by the assessee company during this year and restore this matter back to the to his file for a fresh decision.Appeal of the revenue stands allowed for statistical purposes.
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