Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (12) TMI 108 - AT - Income TaxAdding net profit and share premium sum under section 68 - discharge of onus by assessee - Held that:- We bear in mind that there can be no straitjacket formula for determining share premium which depends upon current strength and future potential of an enterprise. The assessee's act and conduct herein in having received such a high share premium purportedly towards share capital and premium in showing continuing inability to furnish the requisite information citing subsequent financial difficulties leading to its premises being seized therefore does not inspire confidence. The above explanation supporting non-production of evidence despite the Tribunal's clearcut observations is highly unpalpable and improbable. There is no explanation much less a justifiable one in support of its non-co-operation adopted in the second round of assessment before the Assessing Officer taken up in furtherance to this Tribunal's directions. The assessee admittedly did not undertake even a single step to prove identity, capacity and genuineness/ creditworthiness of its 13 share premium paying applicants. We repeat that this is not the assessee's case of having not being afforded adequate opportunity of hearing in the instant consequential proceedings. The same factual position continued in the three remand proceedings as well wherein it would file only photocopy of the confirmations in some of the cases. All the above 13 parties seem to be based in Ahmedabad only. The assessee still could not produce even one of the 13 parties in question We notice from the case record that all the above photocopy confirmations are dated September 1, 1995 i.e. well before this Tribunal's remand direction dated June 12, 2009. Rather the same is well before the Commissioner of Income-tax (Appeals)'s former order dated September 14, 2005 (supra). All this reflects the assessee's lack of explanation despite getting its matter remanded back to the Assessing Officer. We further observe that the assessee's act and conduct in not being able to file even a single original confirmation and its subsequent action in submitting all 4 photocopies of the same date indicates a very serious genuineness issue. - Decided in favour of revenue
|