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2016 (6) TMI 653 - CALCUTTA HIGH COURT

2016 (6) TMI 653 - CALCUTTA HIGH COURT - TMI - Addition u/s 68 - ITAT deleted the addition - Held that:- The share application forms, it is in evidence, were destroyed by fire. The point raised by the Assessing Officer is that the FIR lodged by the assessee does not contain any mention to the share application forms allegedly destroyed during the fire. We are unable to attach any importance to the omission pointed out by the Assessing Officer. It is not humanly possible for a person who has suff .....

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ourt : The appeal is directed against a judgment and order dated 24th February, 2009 passed by the Income Tax Appellate Tribunal A Bench, Kolkata in ITA Nos. 799 to 802 (Kol) of 2008 pertaining to the assessment years 1999-2000, 2000-01, 2001-02 and 2003-04. The Assessing Officer made additions under Section 68 principally on two grounds : (a) that the assessee could not produce the share application forms submitted by some of the applicants of share, and (b) that the assessee was unable to prod .....

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also that the share applicants are assessed to income tax. Once the assessee has established identity of share applicant and furnished their income tax file number the assessee has discharged the burden of proving the share application money. While taking this view we also derive support from the decision of Hon ble Apex Court in the case of CIT vs Orissa Corporation P. Ltd. ( 159 ITR 78) (SC). We, therefore, respectfully following the above decisions of the Hon ble Apex Court in the case of Lo .....

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