TMI Blog2012 (11) TMI 1115X X X X Extracts X X X X X X X X Extracts X X X X ..... EMBER For the Petitioner : Shri Sanjay Jain, CIT-DR. For the Respondent : Shri Ved Jain, C.A. ORDER PER TS KAPOOR, AM: This is an appeal filed by the revenue against the order of Ld CIT(A) dated 29.10.2010. The grounds raised by the revenue are as under:- 1. That on the facts and in the circumstances of the case and in law the Ld CIT(A) erred in deleting the addition of Rs. .10,00,000/- made by the Assessing Officer u/s 68 of the Income Tax Act, 1961 . 2. That on the facts and circumstances of the case and in law, the Ld CIT(A) erred in ignoring the fact that the judgment of the Hon'ble Supreme Court in the case of Lovely Exports (P) Ltd. 216 CTR 199 (SC) cannot be extended to a situation where a m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d companies were held to be an entry operator in earlier years. The Ld AR of the assessee was asked to produce Director of the company which was not produced and therefore the Assessing Officer added back the amount of Rs. .10,00,000/- u/s 68 of the Act. 3. Dissatisfied with the order, the assessee filed appeal before the Ld CIT(A) and submitted as under:- a) That the amount of Rs. . 10,00,000/- was received through proper banking channel and were duly recorded in the books of appellant as well and the said applicants were allotted shares and the respective amount was transferred to share capital account and return of allotment was filed with the Registrar of Companies. b) That during assessment proceedings, the assessee had fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT(A) s order is reproduced below:- I find that the share applicant is a limited company which is a separate and legal entity. It is assessed to tax by a different Assessing Officer. The share application money passed through the banking channels. The appellant has provided the confirmation letter with supporting evidence, like copy of acknowledgment of IT return, PAN, detail Bank statement etc. The shares were also allotted to the applicant company. The necessary evidences were provided to the Assessing Officer during course of assessment proceedings. The Assessing Officer has not made any investigation during assessment proceedings. The assessment order was passed on the basis of information received from Investigation Wing. The Ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d companies. The Assessing Officer without going into the documents and without conducting any enquiry rejected the details and made the addition. The Ld CIT(A) after going through the submissions made by the Ld AR had rightly deleted the addition. The judgment of Hon'ble High Court in the case of Goel Sons Golden Estate Pvt Ltd. squarely fits in the facts and circumstances of the present case. In that case, the assessee had accepted Rs. .30 lakhs as share application money from five companies and had filed confirmations, PAN Numbers, bank statement, balance sheet etc. with the Assessing Officer. The Assessing Officer did not conduct any enquiries and made the addition. The relevant observation of Hon'ble High Court are reproduced b ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
