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2020 (8) TMI 117 - AT - Income TaxAddition u/s 68 - share application money & share premium received from Bharosemand Commodities Pvt Ltd u/s 68, treating the same as not genuine & from undisclosed source - HELD THAT:- Share application money has been received from 16 parties. In case of one party in this case there is no proof at all about the existence of the said party which had contributed the said share premium and share application amount. We note that assessing officer has made the necessary enquiry through income tax office Kolkata. The said party was found to be not at all existing at the said address. The enquiry from the nearby persons also indicated that no such company operated from the said address. CIT(A) is quite correct in observing that in case of a private limited company if a person is contributing so much money in share application and share premium the assessee company was obliged to give the correct whereabouts of the said company. We find ourselves fully in agreement with the above findings. When it has been categorically proved that there is no physical existence of the said company at the given address the submission of the assessee that his submissions regarding papers submitted in this regard should be given precedence over the actual fact about the non-existence of the said party is absolutely unsustainable. It is settled law that revenue authorities are not supposed to put on blinkers. See SUMATI DAYAL VERSUS COMMISSIONER OF INCOME-TAX [1995 (3) TMI 3 - SUPREME COURT] - Decided against assessee.
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