TMI Blog2019 (11) TMI 590X X X X Extracts X X X X X X X X Extracts X X X X ..... 2006-07. In fact the Assessing Officer in his remand report dated 16 September 2010 has accepted this position. As regard the amount of ₹ 2.94 crores is concerned, the Tribunal has sent the same for verification by the Assessing Officer. The contentions of the parties regarding this amount about its genuineness, etc. would be considered on remand. - INCOME TAX APPEAL NO. 957 OF 2017 - - - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reditworthiness of the shareholder ? 2. Whether on the facts and circumstances of the case and in law, the Hon ble ITAT was erred in appreciating the facts that the assessee has passed fresh credit entry in its books of account for conversion of share application money into its share subscription and share premium, accordingly, Section 68 is correctly applied in the case of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing Officer held that the Assessee had failed to discharge the onus of establishing genuineness of the transaction and creditworthiness of the shareholder and added an amount of ₹ 81244700/- as income from other sources. 3. The Assessee filed an Appeal before the Commissioner of Income Tax (Appeals). The Commissioner called for a remand report from the Assessing Officer. The remand ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ding as regards ₹ 5,18,44,700/- not pertaining to the relevant Assessment Year. As regard the amount of ₹ 2.94 crores, the Tribunal set aside that part of the order of the Commissioner and remanded the matter to the Assessing Officer to examine the genuineness of the investment of ₹ 2.94 crores by Shri Vakil. Accordingly, the Appeal was partly allowed by the impugned order. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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