TaxTMI 
TaxTMI 
2013 (5) TMI 18
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....cts and in the circumstances of the case and in law, the Ld CIT(A) has erred in deleting the addition of Rs.11,93,100/- made by Assessing Officer in respect of share capital for want of verification of genuineness ignoring that. 3.1. that the clarification and documents furnished before the CIT(A) remained unverified by the Assessing Officer. 4. On the facts and in the circumstances of the case and in law, the Ld CIT(A) has erred in deleting the addition of Rs.13,98,835/- made by Assessing Officer in respect of unsecured loans for want of verification of genuineness that 4.1. That the clarification and documents furnished before the CIT(A) remained unverified by the Assessing Officer. 5. On the facts and in the circumstances of the case....
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....ssued and assessee was given another opportunity for filing its return of income on or before 29.12.2010. However, the assessee filed return of income on 30.12.2010 and declared nil income. In the meantime, the assessee was given a notice dated 29.12.2010 for completion of assessment order u/s 144 of the Income Tax Act, 1961. As the assessment was getting time barred, the Assessing Officer made the additions on account of outstanding balances of share capital, unsecured loan and cash & bank balances and sundry creditors amounting in all to Rs.31,42,114/- as income of the assessee. 3. Dissatisfied with the order, the assessee preferred an appeal before Ld CIT(A) and under Rule 46A(3) filed copy of return along with the acknowledgement along....
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....ued, subscribed and paid up share capital. The unsecured loans of Rs.13,98,835/- are also found to be old unsecured loans. The perusal of the details of sundry creditors reveals that there are also old corresponding entries carried forward from the earlier years. The cash and bank balance of Rs.21,078/- is found to be factually correct on verification of the cash book and the bank statement. In view of the facts stated above, it can be safely concluded that the Assessing Officer was not justified in making addition of Rs.31,42,114/- consisting of (a) Rs.11,93,100/- to the total income of the assessee on account of share capital u/s 68 of the Act and (b) Rs.13,98,835/- on account of unsecured loans, (c ) Rs.5,29,101/- and (d) Rs.21,078/- on ....