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2015 (7) TMI 153 - AT - Income TaxAddition u/s 68 - unexplained share capital /share premium - CIT(A) deleted the addition - Held that:- Respectfully following the ratio laid down in the case of Nova Promoters And Finlease (P) Ltd. (2012 (2) TMI 194 - DELHI HIGH COURT ), we hold that Ld. CIT(A) is not justified in deleting the addition of R.30 lacs in as much as the respondent assessee had failed to establish conclusively three essential ingredients ‘identity, genuineness and creditworthiness’ of share applicants. Further, Ld. CIT(A) had also failed to notice that the respondent assessee company failed to produce the Directors of share applicants before the A.O. As held by Hon'ble Jurisdictional High Court in the case of Nova Promoters and Finlease (P) Ltd. that the ratio laid down by Hon'ble Supreme Court in the case of Lovely Exports Pvt. Ltd. [2008 (1) TMI 575 - SUPREME COURT OF INDIA ] is not applicable and CIT(A) adopted wrong approach in allowing the appeal by holding that the A.O. had failed to point out source from which money was received by the assessee company before making addition u/s 68. Therefore, we are unable to uphold the order of CIT(Appeals) and hereby confirm the addition made by A.O. - Decided in favour of revenue.
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