TMI Blog2017 (2) TMI 996X X X X Extracts X X X X X X X X Extracts X X X X ..... y High Court in Mukesh Ratilal Marolia (2011 (9) TMI 919 - BOMBAY HIGH COURT) and Lovely Exports (P) Limited (2008 (1) TMI 575 - SUPREME COURT OF INDIA ). - Decided in favour of assessee for statistical purposes. - ITA No.7628/Mum/2014 - - - Dated:- 10-2-2017 - SHRI D.KARUNAKARA RAO, ACCOUNTANT MEMBER AND SHRI PAWAN SINGH, JUDICIAL MEMBER For The Assessee : Mr. Devendra Jain (AR) For The Revenue : Mr. Saurabh Kumar (DR) Order Under Section 254(1) of Income Tax Act PER PAWAN SINGH, JM: 1. This appeal by assessee u/s 253 of the Income-tax Act ( Act ) is directed against the order of Commissioner of Income-tax (Appeals) [for short the CIT(A)] 17, Mumbai dated 05.09.2014 for Assessment Year (AY) 2010-11. The asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Act. However, during the assessment M/s Mihir Agencies duly confirmed the transaction. In support of transaction, the assessee-company submitted confirmation letter of Mihir Agencies, copy of PAN Card, Return of income, Bank Statement showing the transaction of share application money, copy of balance sheet of Assessee, copy of return with ROC with allotment of share and copy of share holding pattern. The assessee has also filed all these evidences before the Tribunal in the form of paper book. The paper book contained the endorsement that all these documents/ evidences were filed before the authorities below. The Ld. AR of the assessee further argued that the authorities below disregarded the documentary evidence and made the additio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t for the year under consideration. The Ld. DR for the Revenue prayed for dismissal of appeal. 4. We have considered the rival contention of the parties and gone through the orders of authorities below and the various decision relied by the assessee. The AO during the assessment observed that assessee received share capital of ₹ 10,00,000/- from Mihir Agencies. M/s Mihir Agencies was promoted by MSPL group (Mukesh Choksi). The assessee was asked as to why the share application money should not be treated as unexplained cash credit u/s 68 of the Act. In response to the notice of AO, the assessee submitted the confirmation letter of M/s Mihir Agencies P Ltd , copy of PAN Card, Return of income, Bank Statement showing the transaction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ital was undisclosed income of the assessee. The Hon ble Bombay High Court in CIT Vs Mukesh Ratilal Marolia ITA No. 456 of 2007 dated 7th Sept 2007 , while dealing with the similar issue of sale of share held as under : the fact that the assessee has received the said amount is not in dispute. It is neither the case of the revenue that this year in question are still lying with the assessee nor it is the case of the revenue that amount received by the assessee on sale of this year is more than what is declared by the assessee. Though there is some discrepancy in the statement of the director of NASA s Richmond securities Private Limited regarding the sale of transaction, the tribunal relying on the statement of the employee of Maxus Ri ..... X X X X Extracts X X X X X X X X Extracts X X X X
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