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2022 (9) TMI 763 - Income Tax
Unexplained money u/s 68 - share application money received from five companies - share holding companies did not personally appear in response to the summons issued u/s 131 - HELD THAT:- We find that during the assessment proceeding as well as proceedings for remand report, the identity and creditworthiness of investor companies could not be established by the assessee and it can rightly be inferred that companies were having existence on papers only. Moreover, behind the payment of premium of share also could not be explained by the assessee neither before the AO nor ld. CIT(A).
The assessee even before this Tribunal could not produce any documents or submission in support of its claim to negate the view taken by the AO as well as CIT(A) and examining the facts and circumstances of the case and going through the documents available on record, we find that the order passed by the CIT(A) need not required to be interfere. We accordingly sustain the order passed by the ld. CIT(A) and the appeal of the assessee is dismissed.