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2021 (2) TMI 23 - AT - Income TaxAddition u/s 68 - share application monay - unaccounted money has been laundered by creating fagade of paper work - shares issued to sister concern i.e., sole share applicant/ subscriber - HELD THAT:- We note that in this assessment year (2012-13) the assessee-company has issued 47,500 numbers of equity shares of face value of ₹ 10 each at premium of ₹ 1,990 per share to another private limited company M/s. Saibaba Finvest Pvt. Ltd. which is a sister concern as brought to our notice wherein we noted that in this relevant assessment year common director was there in assessee-company and holding company of M/s. Saibaba. We note that Sri Utkarsh Suresh Shelar was common director of the assessee-company as well as the holding company of share-subscribing company in the assessment year 2012-13 as we noted in detail at para 14 (supra) ; and Shri Ashish Kumar Pathak who was the director of the assessee-company was inducted as director of M/s. Saibaba in the assessment year 2013-14 which is evident from the master data of shareholder company M/s. Saibaba. M/s. Saibaba had creditworthiness as on March 31, 2012 to invest ₹ 9.5 crores in the assessee-company - copy of bank statement of M/s. Saibaba reveals that the share application money has been transferred from bank account of M/s. Saibaba to the assessee-company. Thus, there can be no doubt against the identity, creditworthiness and genuineness of M/s. Saibaba. Commissioner of Income-tax (Appeals) has clearly given a finding a fact that the share applicant company M/s. Saibaba had enough fund for subscribing for shares in the assessee-company which factual finding have not been challenged by the Revenue/Department in this appeal, so this finding of fact crystallizes. - Decided against revenue.
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