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2018 (1) TMI 1618 - AT - Income TaxAddition u/s 68 - Bogus share capital and share premium received by assessee from the 11 private Limited companies - genuineness of the transactions and creditworthiness of the subscribers to the shares not proved - HELD THAT:- Assessee has completely produced the evidences before the AO i.e. the identity of the shareholder by filing the registered address with ROC, PAN No. along with copy of returns of income furnished with particular Ward of the department of the investors. The assessee has also received money from shareholders through account payee cheque and issued documents such as share certificate, return of allotment filed with ROC forms which were filed before the AO. The assessee has also filed copies of bank statement of the subscribers showing that it had sufficient balance in its accounts to enabled the subscriber to subscribe the share capital. In view of these facts and circumstances, once the AO has not rebutted the evidences, the AO cannot disbelieve the same. As relying on M/S. GAGANDEEP INFRASTRUCTURE PVT. LTD. [2017 (3) TMI 1263 - BOMBAY HIGH COURT] in view of the voluminous documentary evidence, only because those persons had not appeared before the AO would not negate the case of the Assessee. We have also made enquiry from the learned Sr. Departmental Representative, whether the investors or this company is a Shell company or in the list prepared by Ministry of Corporate Affairs, Govt. of India. The learned Sr. DR, stated that this information is not available with the department. We made enquiry from the learned Counsel for the assessee whether this company has been strike off from the Registrar Of Companies or not, the learned Counsel stated that it is very much on the register of Registrar Of Companies. In view of these facts, we reach to a conclusion that this is existing company and even the investors are existing. - Decided against revenue.
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