9911796707
TMI Blog2010 (5) TMI 563X X X X Extracts X X X X X X X X Extracts X X X X ..... the CIT(A) holding categorically that the assessee had despite several opportunities given, failed to substantiate the claim before the Assessing Officer in the assessment proceedings, before the CIT(A) himself and even in course of remand proceedings before the Assessing Officer and thus, whether the order of the Appellate Tribunal is perverse in ignoring the overwhelming evidence altogether? 2. Whether on the facts, in the circumstances of the case and in law, the Appellate Tribunal erred in relying on the Supreme Court's decision in the case of Divine Leasing & Finance Ltd., laying down that the unexplained share application money to be taxed in the hands of the share applicants, whereas in the present case, the quer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the share applicants. It is submitted that in the circumstances, the assessee had failed to discharge its onus that the deposits by way of share application money were genuine. 4. As can be seen from the impugned order of the Tribunal, the Tribunal has recorded that the respondent-assessee had filed confirmations from all share applicants with details of share capital paid which contained details such as full addresses, permanent account numbers and tax jurisdiction of the depositors. The Tribunal further recorded that all payments were received by cheques and were credited in the bank account of the respondent; the share application forms contained all details of the depositors; their confirmations were clear with all addresses; and that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aper book; in the audited balance-sheet Mangal Finance Limited was shown to have been allotted shares of Rs. 1.20 crores, which formed part of total paid up capital of Rs. 3.80 crores of the assessee which was duly reflected in the balance-sheet; and that the return of allotment was also filed with Registrar of Companies. In the aforesaid factual matrix, the Tribunal was of the view that the respondent had discharged the burden and accordingly reversed the findings of the Commissioner (Appeals). 6. Thus the Tribunal has after appreciation of the evidence on record found as a matter of fact that the assessee had supplied addresses and permanent account numbers as well as confirmation letters of the share applicants. In the circumstances, it ..... X X X X Extracts X X X X X X X X Extracts X X X X
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