2014 (4) TMI 812

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..... 61." 3. The other grounds raised by the Revenue are only arguments in support of above ground No.1. 4. The facts of the case are that during the accounting year relevant to assessment year under consideration, the assessee company had received share application money of Rs. 23,50,000/- from the following parties:- S.No. Name of share holder Amount 1. Sunita Gupta 3,00,000/- 2. Purnendu Kumar Gupta 3,00,000/- 3. Usha Rani 2,00,000/- 4. Jeetender Aggarwal 2,00,000/- 5. Deep Chand Gupta 2,50,000/- 6. Devi Ram Goyal 3,50,000/- 7. Amit Jain 2,50,000/- 8. Mukesh Jain 2,50,000/- 9. Vishal Agarwal 2,50,000/-     23,50,000/- 5. The assessee had furnished the confirmation as well as other evidence in supp .....

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..... urn copy for Ass. Year. c) Identity proof photocopy. d) PAN proof. e) Balance sheet of Mr. Purendu Kumar Gupta. f) Copy of bank statement. g) Source of fund from where he invested. 3. Jitender Aggrawal a) Confirmation for investment in shares. b) Income tax return copy for Ass. Year 2001-2002. c) Identity proof photocopy of his ration card. d) PAN proof. e) Balance sheet of Mr. Jitender Aggarwal. f) Copy of bank statement. g) Source of fund from where he invested. 4. Usha Rani a) Confirmation for investment in shares. b) Income tax return copy for Ass. Year 2002-2003. c) Identity proof photocopy of his ration card. d) PAN proof. e) Balance sheet of Mrs. Usha Rani. f) Copy of bank statement. g) Source of fund from where s .....

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..... ent that the assessee has given the confirmation in respect of all the creditors, copy of their income tax returns, identity proof, PAN proof, balance sheet, copy of bank statement as well as source of funds from where they invested in the share capital. The Assessing Officer did not accept the same because, in his opinion, the returned income, tax paid or the capital of the share applicants were not sufficient. In this regard, the Assessing Officer had prepared the chart of all the creditors which is there at page 3 of the assessment order and, for ready reference, the same is reproduced below:-   8. However, after considering the arguments of both the sides and the facts of the case, we are unable to agree with the Assessing Office .....

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