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2021 (9) TMI 257 - AT - Income TaxUnexplained cash credits u/s 68 - Bogus share capital and share premium - as per revenue assessee company has failed to prove the identity, creditworthiness and the genuineness of the transactions - Applicability of amended provisions of section 68 - Need to prove source of the source - HELD THAT:- AO has himself called for the above details from the Investor companies, to satisfy himself as regards the identity of the Investors, the genuineness of the transactions, as also the creditworthiness of the Investors. Assessee company has discharged its onus to prove the share capital by establishing the identity of the shareholders, the genuineness of the transactions and even the creditworthiness of the shareholders. AO has not even an iota of evidence to hold that the share capital is non-genuine since in the inquiry carried out by him the share capital has been found to be genuine and the findings in the assessment order are not relevant as they are pertaining to some other assessee and not to the assessee under consideration - we note that despite of complete compliance made by the Investor companies and furnishing of all the details as required by AO to establish the identity, creditworthiness and genuineness of the transaction, the impugned assessment order as passed by the learned AO is absolutely erroneous. As the amended provisions of section 68, is not applicable to the assessee company under consideration, as the assessee`s, assessment year is 2012-13, therefore the assessee under consideration need not to prove source of the source. We find that the assessee had given the complete details about the share applicants clearly establishing their identity, creditworthiness and genuineness of transaction proved beyond doubt and had duly discharged its onus in full. Nothing prevented the Learned AO to make enquiries from the assessing officers of the concerned share applicants for which every details were very much made available to him by the assessee - Decided in favour of assessee.
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