TMI Blog2020 (7) TMI 520X X X X Extracts X X X X X X X X Extracts X X X X ..... nts being family members, the Assessing Officer had all powers to enforce their attendance. Before the first appellate authority, the assessee furnished complete bank statements alongwith source of availability of funds with share applicants, but the same has been discussed summarily by the ld. CIT(A) and also by the Assessing Officer in his remand report. When the income of the share applicants does not justify the share application money, then the burden is heavier on the assessee to prove the credit worthiness of the share applicants. Though the assessee did file documentary evidences, it appears that the same have not been thoroughly examined by the authorities below. Therefore, in the interest of justice and fair play, we deem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and relevant facts are explicitly available on record. 3. With this application, the assessee has challenged the impugned addition of ₹ 2,01,50,000/- being share application money, which, according to the Assessing Officer, accepted during the year under consideration and subjected to tax u/s 69C of the Income-tax Act, 1961 [hereinafter referred to as 'The Act']. The assessee contends that such unexplained credits are outside the ambit of section 69C of the Act. Reliance has been placed on several judicial decisions. 4. We have carefully perused the assessment order. Right from his query till the framing of the assessment order, the Assessing Officer has proceeded to examine the credits of share application money in lig ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the month in which transaction took place. The Assessing Officer further observed that the I.T. Returns filed by the parties for Assessment Year 2012-13 show income between 2 to 3 lakhs. To examine the credit worthiness of the share applicants, the Assessing Officer issued summons u/s 131 of the Act but no one attended the proceedings and again confirmations were filed. Taking an adverse view, the Assessing Officer formed a belief that the credits are unexplained and, accordingly, made addition of ₹ 2,01,50,000/-. 10. The assessee carried the matter before the ld. CIT(A) and strongly contended that the Assessing Officer never asked the assessee to furnish complete bank details and, therefore, the assessee filed bank details of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r siblings. These persons are directors in M/s Amit Industries Pvt. Ltd., which has filed return for assessment year 2012-13 showing an income of ₹ 11,04,117/-. The sources of share application money by the share applicants has been explained by way of fund transfer from Amit Industires Pvt. Ltd., Amit Aggarwal, Sumit Aggarwal and Shashi Gupta. Smt. Shashi Gupta is also assessed to tax with the ITO, Ward 25(1) and has returned income of ₹ 3,03,072/- for A.Y. 2012-13. Keeping in view the evidences filed in the form of complete bank statements, ITRs, confirmations of sources from which funds have been transferred and their income tax returns, it is held that the genuineness, creditworthiness and identity of the share applicants ha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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