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2020 (2) TMI 663 - HC - Income TaxUnexplained share application money - core issue raised by Appellant is that Appellate Authority without recording reasons to entertain additional evidence and without granting proper opportunity to Assessing Authority while relying upon additional information allowed appeal of the Assessee - HELD THAT:- Plea of Appellant is fallacious, in view of the fact that no such plea was raised before Tribunal apart from fact that remand report was sought from Assessing Authority and who in its report did not object to additional information rather asked to consider at the time of final disposal which vindicates stand of the Respondent-Assessee. Revenue could be aggrieved had Appellate Authority not supplied additional evidence to Assessing Authority or some objection had been raised at that stage. Failing to object rather extending implied consent demolishes entire case of the Revenue. There is nothing in the order of Tribunal to show that Revenue raised objection of additional evidence before Tribunal. Thus, we do not find any merit in the argument of the Appellant. Questions of i) genuineness of investors who introduced share capital and premium; ii) accrued income on account of delayed completion of project by M/s Satya Developers Limited; iii) capacity of persons from whom loan was borrowed and genuineness of transactions, have been considered at length by First Appellate Authority as well Tribunal. Both the Authorities below have returned categorical findings on each issue and counsel for Revenue has failed to point out any infirmity in fact or law warranting interference of this Court.
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