Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (6) TMI 733 - AT - Income TaxAddition of share application and share premium u/s 68 - assessee explained that assessee company submitted complete details of share application money and shares premium received by the assessee company and clearly submitted that assessee company has not received a single penny as a gift from anyone - Commissioner (Appeal) held that the transactions were made through the NRE account and deleted the addition - HELD THAT:- Commissioner (Appeals) independently examined the evidences filed before him and concluded that the assessee proved the identity and status of Girish Bodra being NRI at Dubai who is having income from Director’s remuneration and profit share in Bodra Trading Company LLC and Shyam Trading Co. (LLC). After examining the worth of investor held that the investor has sufficient capacity to invest in the assessee company. The transaction was routed through NRE account. Commissioner (Appeals) also held that the assessee filed details of gift in the name of one director of the company. Further no discrepancy was pointed out by the assessing officer. On the above observation the ld. Commissioner (Appeals) deleted both the additions. In our view the assessee has fully discharged its onus and proved the transaction of share application and share premium money as genuine. We further concur with the findings of the learned Commissioner (Appeals) that there is no discrepancy in the Gift to the director of the assessee company. The donor is the real brother of recipient of the Gift. In our view the learned Commissioner (Appeals) has passed the order after due deliberation on the facts of the case and the documentary evidences furnished by the assessee which we affirm. No contrary fact to take other view is brought over notice. In the result the grounds of appeal raised by revenue are dismissed.
|