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Principal Commissioner of Income Tax-8 Versus Softline Creations Pvt. Ltd.

2016 (9) TMI 255 - DELHI HIGH COURT

Additions under Section 68 - Held that:- This Court has considered the concurrent order of the CIT(A) as well as the ITAT. Both these authorities primarily went by the fact that the assessee had provided sufficient indication by way of PAN numbers, to highlight the identity of the share applicants, as well as produced the affidavits of Directors. Furthermore, the bank details of the share applicants too had been provided. In the circumstances, it was held that the assessee had established the id .....

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epa Sharma, JJ. For the Appellant : Sh. Dileep Shivpuri, Sr. Standing Counsel with Sh. Sanjay Kumar, Jr. Standing Counsel For the Respondent : Sh. Ved Jain and Sh. Pranjal Srivastava, Advocates ORDER 1. The revenue is aggrieved by the order dated 10.02.2016 of the Income Tax Appellate Tribunal (ITAT) which confirmed the Commissioner of Income Tax (Appeals) s order [hereafter CIT(A) ]. The CIT(A) had ruled in favour of the assessee, i.e. the additions under Section 68 of the Income Tax Act, 1961 .....

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. In the course of re-assessment proceedings, the AO, based upon the materials furnished, concluded that the assessee had not discharged the initial burden placed upon it under Section 68 of the Act and had not established the genuineness of identity, of the transaction or the credibilities of parties who had invested. He, therefore, directed addition of 78 lakhs. The AO s conclusions were based upon his deduction that the share applicants were bogus entities, which he arrived at because of asse .....

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produce the Directors as well as the source of funds of the share applicants since in the absence of these materials, the assessee could not claim to be aggrieved by the addition. 4. This Court has considered the concurrent order of the CIT(A) as well as the ITAT. Both these authorities primarily went by the fact that the assessee had provided sufficient indication by way of PAN numbers, to highlight the identity of the share applicants, as well as produced the affidavits of Directors. Furthermo .....

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