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2016 (1) TMI 565 - ITAT MUMBAI

2016 (1) TMI 565 - ITAT MUMBAI - TMI - Unexplained cash credit - assessee has failed to prove that how he received such share application money and has booked the same only by way book entry - CIT(A) deleted the addition - Held that:- CIT(A) agreed with the plea of assessee that since said sums were credited in the books of account of assessee in A.Ys. 2006-07. In 2008-09, these cannot be treated as unexplained cash credits u/s. 68 in A.Y. under consideration. Assessee is at liberty to take lega .....

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A. No. 5984/Mum/2013 - Dated:- 23-10-2015 - SHRI SHAILENDRA KUMAR YADAV, JUDICIAL MEMBER, AND SHRI ASHWANI TANEJA, ACCOUNTANT MEMBER For The Appellant : Shri Jeetendra Kumar, D.R. For The Respondent : Dr. P. Daniel and Shri S.M. Makhija, A.R. ORDER PER SHAILENDRA KUMAR YADAV, J.M: This appeal has been filed by Revenue against the order of Commissioner of Income-Tax (Appeals)-41, Mumbai, dated 31.07.2013 for A.Y. 2009-10 on following ground: (1). Whether on the facts and circumstances of case and .....

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income for assessment year under consideration on 30.09.2009 declaring loss of ₹ 2,13,71,520/-. Assessment was processed u/s.143(1) of the Act. The case of assessee was selected under scrutiny and after considering the submissions on behalf of assessee, assessment was completed by Assessing Officer u/s.143(3) vide order passed on 30.12.2011 determining total income of assessee company at ₹ 21,84,85,920/- after making various additions and disallowances. 2.1 Matter was carried before .....

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edings, assessee was asked to submit the proof of share application money received and to submit evidences to establish the identity, genuineness and creditworthiness of the persons giving share application money. Assessee was also asked to submit complete documents starting from share advertisement inviting share application till the intimation to ROC for this purpose. Assessee furnished only name and address along with PAN of persons from whom share application money of ₹ 7,20,20,026/- h .....

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n appeal CIT(A) observed that share application money of ₹ 3,64,00,000/- was received from M/s. Sonata Realty Pvt. Ltd. (a related entity) during A.Y. under consideration. Assessee furnished address and PAN of this party. In his remand report, Assessing Officer has not drawn any adverse inference with regards to genuineness of this transaction. In this regard, assessee vide letter dated 15.07.2013 submitted that Assessing Officer has cross verified the transaction from the records of M/s. .....

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.50,00,000/-) and Ms. Akruti Drolia (Rs.25,00,000/-), it was observed by CIT(A) that these amounts were originally paid by these persons to assessee in A.Y. 2006-07. In this connection, said parties submitted their confirmations to Assessing Officer in response to the notices u/s.133(6) issued by him in course of remand proceedings. It was stated by assessee in course of remand proceedings that assessee transferred these amounts aggregating to ₹ 2,26,00,000/- to its sister concern, namely, .....

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served that necessary confirmations in regard to payment of share application money aggregating to ₹ 2,26,00,000/- have already been received by Assessing Officer thereby establishing the identity of said share applicants, their financial capacity and the genuineness of transactions. The onus cast upon the assessee in this regard, stood discharged. The mere fact that transfer of share application money to assessee has not taken place by way of cheque/cash but by way of book adjustment betw .....

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nd same was rightly deleted by CIT(A). 3.2 This reasoned factual finding of CIT(A) needs no interference from our side. We uphold the same. 4. As regards the remaining share applicants, Assessing Officer vide his remand report pointed out that in remand proceedings, assessee could not give PAN and address of Mr. Hetal Parekh (Rs.7,00,000/-) and Ms. Kanchan Sharma (Rs.5,00,000/-), while no reply was received from M/s. RGV Films Pvt. Ltd. (Rs.1,18,20,026/-). In this regard, it was informed by him .....

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