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2020 (1) TMI 910 - AT - Income TaxReopening of assessment u/s 147 - unexplained cash credit under section 68 - HELD THAT:- AO has received information on the basis of the same reopening was done. Even now before us, the learned Counsel for the assessee only made submissions that the AO cannot reopened the assessment on the above given reasons because the only dispute is regarding share premium received at the rate of ₹ 90 per share but he could not point out how the reasons recorded are not as per the provisions of section 147. For this limited aspect, the assessee has made argument. Hence, we find no infirmity in the reopening made by AO and confirmed by CI T(A). Hence, this reopening is upheld and this issue of assessee’s CO is dismissed. Addition u/s 68 - CIT(A) had elaborately dealt with the entire issue by due appreciation of the various documentary evidences submitted in respect of investor companies duly proving the three necessary ingredients of Section 68 viz. identity of the investors, creditworthiness of the investors and genuineness of the transactions. None of these documentary evidences were controverted by the AO by proceeding to make further enquiry in this regard. None of these facts were even denied by the AO or any deficiencies were found thereon by the AO and we also take note of the fact that all the investors, who had invested monies in the assessee company, have filed bank statements proving credit worthiness. CIT(A) had placed reliance on the coordinate bench decision of this Tribunal in the case of ACIT vs. Gagandeep Infrastructure Pvt. Ltd. [2014 (11) TMI 479 - ITAT MUMBAI] wherein it was held that the amendment to Section 56(2)(viib) and proviso to Section 68 of the Act are only prospective in nature and applicable only from A.Y.2013-14 onwards and not earlier. We find that this judgment has been subsequently approved by the Hon’ble Jurisdictional High Court. We find that the Ld. DR vehemently relied upon the decision of Hon’ble Delhi High Court in the case of Navodaya Castles (P) Ltd. [2014 (8) TMI 905 - DELHI HIGH COURT] . We hold that the decision of Hon’ble Jurisdictional High Court would bind this Tribunal. Hence, we do not deem it fit to interfere in the said order of the CIT(A). - Decided against revenue
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