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TMI Blog2019 (7) TMI 1393X X X X Extracts X X X X X X X X Extracts X X X X ..... ugh: Mr. Salil Aggarwal and Mr. Madhur Aggarwal and Mr. Uma Shankar, Advocates. O R D E R C.M.No.18441/2019 (Delay) 1. For the reasons explained in the application, the delay of 63 days in refiling the appeal is condoned and the application is allowed. ITA 406/2019 2. The Revenue has filed this appeal against the order dated 13th August, 2018 of the Income Tax Appellate Tribunal (ITAT) in ITA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not established the genuineness, identity and creditworthiness of the three entities from whom it had received share premium in the sum of Rs. 3.00 crore, Rs. 35 lakhs and Rs. 2.65 crores during the AY in consideration. In the assessment order dated 31st March, 2014 under Section 143 (3) read with Section 153A of the Act, the AO made an addition of Rs. 3.00 crores to the income of the Assessee di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the time of search the addition would be unjustified. 7. At the outset it is required to be noticed that the Revenue's appeal against the decision of this Court in Kabul Chawla (supra) has been dismissed by the Supreme Court on account of the low tax effect. However, learned counsel for the Revenue states that there are other appeals of the Revenue pending in the Supreme Court questioning the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y (2017) 397 ITR 344 (SC) where in the context of Section 153C of the Act it was held that the incriminating material which was seized had to pertain to the AY in question. It is further held that documents seized had to establish a co-relation documents wise with the assessment years for which the addition was sought to be made. 10. The requirement that the incriminating material to have the co- ..... X X X X Extracts X X X X X X X X Extracts X X X X
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