TMI Blog2019 (2) TMI 723X X X X Extracts X X X X X X X X Extracts X X X X ..... vestor M/s Mekastar Finlease Pvt. Ltd. was genuine stood established; it had resources to the tune of ₹300 crores. The only ground on which the genuineness of the transactions was doubted was that the M/s Mekastar Finlease Pvt. Ltd. also received some amounts from dubious sources. It is now established that the investor’s duty is to satisfy the Revenue about the trinity of tests indicate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lication money on account of issue of fresh capital on premium. The share value at face value of ₹10 were issued at a premium of ₹1,190/-. A Notice was issued to the investor M/s. Mekastar Finlease Pvt. Ltd. under Section 133(6). The share applicant confirmed the transaction together with its ITR and other relevant documents such as bank statements etc. to the AO. The AO was of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f this Court in Commissioner of Income Tax-II vs. M/s. Jansampark Advertising Marketing (P) Ltd., [(2015) 375 ITR 373]. Further decisions in Commissioner of Income Tax vs. Nova Promoters Finlease Pvt. Ltd. [(2012) 342 ITR 169]; Pr. CIT vs. Bikram Singh [(2017) 399 ITR 362 (Del.)] were relied upon. 3. The principle applicable to decide whether the amount can be brought to tax under S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /s Mekastar Finlease Pvt. Ltd. also received some amounts from dubious sources. It is now established that the investor s duty is to satisfy the Revenue about the trinity of tests indicated in the said judgment, which itself is an authority for the proposition that the assessee is not under a duty to enquire or satisfy the Revenue about the source of the source. On a fair application of that decis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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