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2013 (5) TMI 523 - AT - Income TaxUnsecured loan - Search and seizure u/s. 132 - notices u/s. 153A - unaccounted share application money - Held that:- As far as addition on account of share application money is concerned,AO submitted that the assessee company filed a confirmation from the investor by name Mr. Pavan Kumar Nallamala stating that he had given a demand draft for Rs. 50 lakhs bearing No. 125623 dated 21-1-2008 drawn on Citibank, Hyderabad towards share application money for allotment of 5 lakhs equity shares @ face value of Rs. 10/- each in M/s. Lahari Impex Pvt. Ltd. In the remand proceedings the AO but the same could not be materialized on the ground that the alleged investor/creditor is an NRI, hence not produced before the AO. No compliance from the assessee to the above query raised in the appeal proceedings. As held in earlier A.Y. 2007-08, remit the issue to the file of the AO with a direction to the assessee to furnish necessary details to discharge the burden cast upon it u/s. 68 as any credit appearing in the books of account, the assessee is required to explain the identity of the parties, genuineness of the transaction and capacity of the creditors as held by jurisdictional High Court in the case of R.B. Mittal (2000 (8) TMI 54 - ANDHRA PRADESH High Court). Accordingly, the issue is remitted back to the file of the Assessing Officer for fresh consideration - assessee appeals are partly allowed for statistical purposes.
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