TMI Blog2018 (6) TMI 1315X X X X Extracts X X X X X X X X Extracts X X X X ..... 6-2018 - Shri H.S. Sidhu, Judicial Member And Shri L.P. Sahu, Accountant Member For The Assessee : Sh. Ajay Wadhwa, Advocate For The Revenue : Sh. Atiq Ahmed, Sr. AR ORDER Per L.P. Sahu, A.M.: The Revenue has filed the appeal against the order of ld. CIT(A)-I, New Delhi dated 26.07.2013 for the assessment year 2010-11 on the following grounds: 1. The order of Ld. CIT(A) is not correct in law and facts. 2. On the facts and circumstances of the case the Ld. CIT(A) has erred in deleting the addition of ₹ 99,14,000/- made by A.O. on account of share capital as unexplained credit. The assessee has also filed a cross objection on the following grounds: 1. That the order under section 143 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Number of Equity shares issued of ₹ 10/- each Rupee Equivalent 1. Russian Technology Centre Holdings Ltd., Trident Chambers, Wickhams Cay, PO Box 146 Road Town Tortola BVI 941533 9415330 2 Protex Trading Company Ltd., 301 Aarti Chambers, Victoria Mahe, Republic Seychelles 49570 495700 3. Muromsky Mashinostroitelny Zavod, Murom 602200 99 990 4. Special Transport Mashinostroitelny, 42 Shepkina Street, Moscow 129857 99 99 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, the company had no option but to write off this amount lying in the books. Ledgers are attached to prove that the money was paid during FY 2007- 08 to F 2008-09 Money was paid by account payee cheques / legal tender. Money was advanced during ordinary course of business. Above writing off was in ordinary course of business, and the same be allowed either under section 28 as trading loss or under section 37 as normal business loss. Reliance must be placed on (synopsis attached) Income tax Officer vs. Ashok Kumar Lalit Kumar ITA 4365/AHD/1990 Bombay Film lab Private Limited (1982) by Bombay Tribunal CIT vs. Rohtas Industry Limited Calcutta High Court CIT vs. Eqitorial Pvt. Ltd. CIT vs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 7. We have heard both the parties and have considered the written synopsis submitted by the ld. AR and the paper book. In respect of the appeal of the Revenue, we find that the ld. CIT(A) has decided the issue of addition u/s. 68 in right perspective after following the decision of ITAT in assessee s own case (supra). The findings reached by the ld. CIT(A) read as under : I have considered the assessment order and the submissions filed by the appellant. Hon ble ITAT, Delhi vide its order dated 12.04.2013 in appelant s own case in ITA Nos.4932, 4933, 5390 5391/Del/2011 have held as under : The availability of balance sheet, certificate of incorporation, confirmations and certificates of good standing etc. filed by the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee's application to FIPB for raising the capital contains all the relevant details which is favourably accepted by the Board, particularly by allowing the assessee to raise further the capital without approaching the FIPB. The transactions are through banking channels. Thus the gamut of evidence does not leave any doubt in the discharge of primary burden of the assessee. On the issue CBDT Circular and Finlay Corporation judgment (supra) also we are in agreement with the Id. Counsel for the assessee that in these circumstances of the case moneys remitted by non-residents through banking channel outside India has to be held as capital receipts, not exigible to tax and cannot be treated as deemed income on the fictions created by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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