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2017 (2) TMI 389 - MADHYA PRADESH HIGH COURT

2017 (2) TMI 389 - MADHYA PRADESH HIGH COURT - TMI - Unexplained cash credit - credit worthiness of 56 shareholders have not been proved - proof of identity, genuineness and credit worthiness of the subscribers - Held that:- We find that the Appellate Authority found that along with the affidavit the shareholders had produced the share application form, the share certificate and other supporting documents to show purchase of the share by them in the assessee's Company and the aforesaid was corro .....

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orded a finding to say that if the Assessing Officer had any apprehension with regard to the creditworthiness of the shareholders a proper enquiry should have been conducted by the Assessing Officer and the Assessing Officer having not done so, it is seen that the Commissioner, Appeals and the Tribunal conducted the exercise, examine the genuineness of the affidavit and by recording reason in para 25 has decided the issue. The finding recorded by the Tribunal is a finding of fact based on due as .....

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a return of income showing 'Nil' income on 26.10.2016 which was later revised on 28.1.2009 and a refund of ₹ 47.47 was issued in favour of the appellant. Subsequently, the matter was taken up in scrutiny and it was found that the appellant has raised a capital to the tune of ₹ 3.2 Crore by obtaining share from 66 subscribers. The respondent assessee was directed to prove the identity, genuineness and credit worthiness of the subscribers and it seems that the assessee produce .....

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being filed the Appellate Authority and the Tribunal having interfered into the matter, this appeal by the Revenue challenging the orders passed by the Appellate Authority. Even though Shri Sanjay Lal tried to argue that when the 56 shareholders were never produced for giving evidence, merely based on their affidavit if the Assessing Officer has disbelieved the claim of the asseessee, no error has been committed into the same and the same does not warrant any consideration. We find that the App .....

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