2018 (2) TMI 1530

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..... Revenue's appeal seeks deletion of the sum of Rs. 1,78,51,005/- brought to tax added by the Assessing Officer. 2. The assessee had reported receipt of the said sum of Rs. 1,78,51,005/- as share premium and call in arrears. These amounts pertain to offering in the public issue made by the assessee in 1994-95. The offer was made to both existing shareholders and the general public. The call arrea .....

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..... ter 10 years, equally the assessee was a public limited company and could not be expected to keep track of its individual shareholders and their details. Their orders also disclosed that the assessee had 50,000 shareholders and that the difficulties it expressed, during the course of assessment and appellate proceedings were genuine. The ITAT returned the following finding:- "4.3 Having gone thro .....

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..... allotment till the date of actual payment and also of forfeiture of such debentures. The Assessing Officer found it unusual that total amount of Rs. 1,78,51,005/- stood outstanding for almost 10 years and suddenly, the emoluments gets paid up. The Assessing Officer held that the assessee failed to discharge the primary onus of furnishing full details of the receipts and names and addresses of the .....

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..... hus there was no reason to suspect that the assessee was having funds outside the account books. There was also no reason to doubt that its Directors would deposit their own money, nor was there any evidence on record in the names of share holders distantly related to any of the Directors. It has also not been disputed that the share holders had paid calls in arrears / share premium in the earlier .....

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..... ised upon the unusual feature of liquidation of the arrears after a substantial period, the fact equally remains that the assessee was placed under certain difficulties and therefore, unable to explain these transactions. Moreover, the assessee is a company with large shareholding. 4. In these circumstances, the findings of fact concurrently made by the Appellate Authorities therefore, do not cal .....

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