TMI Blog2012 (1) TMI 206X X X X Extracts X X X X X X X X Extracts X X X X ..... (Appeals) dated 16.9.2010 pertaining to assessment year 2007-08. 2. The grounds raised in the appeal read as under:- i) On the facts in the circumstances of the case the Ld. Commissioner of Income Tax (Appeals) has erred in law by deleting the addition of ₹ 70,00,000/- made by the Assessing Officer on account of share application money without appreciating full fact of the case. Fur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . During the course of assessment proceedings it was noticed by the Assessing Officer that there was an increase in share capital at Rs. 76,98,000/-. It was contended by the appellant that during the year under consideration it had received share application money from six different investors. Out of this Rs. 50 lac was received from M/s Maya Industries Ltd., Lucknow and Rs. 20 lac from M/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ition of Rs. 70,000,000/- on appellant s income u/s. 68 of the IT Act. 4. Upon assessee s Ld. Commissioner of Income Tax (Appeals) observed that during assessment proceedings itself, the assessee had furnished adequate details to substantiate increase in share capital. He observed that it is not disputed that name, address, amount of share allotment as well as copies of share applicant forms ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ht of the material produced and precedent relied upon. We find that in this case the identity of the share holders has not been established in order to ascertain the genuineness of the transactions, Assessing Officer issued commission u/s. 131(d) to the departmental officers in Lucknow and Agra as well as and asked for information 133(6) of the Act directly from the share applicants. The letters i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nion, interest of justice will served if the matter is remitted to the file of the Assessing Officer to consider the issue afresh. Hence, the matter stands remitted to the file of the Assessing Officer to consider the issue afresh. 7. In the result, the appeal filed by the Revenue stands allowed for statistical purposes. Order pronounced in the open court on 31/1/2012. - - TaxTMI - TMITa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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