9911796707
TMI Blog2021 (8) TMI 860X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 143(3) r.w.s 147 of the Income-tax Act, 1961 (hereinafter referred to as 'the Act'). 2. At the outset, the learned counsel for the assessee stated that he has not pressed ground No. 1 for reopening of assessment i.e. jurisdictional issue. Hence, this reopening issue is dismissed as not pressed. 3. The next issue in this appeal of assessee is as regards to the order of CIT(A) confirming the action of the Assessing Officer in making addition of total share premium of Rs. 1,86,84,000/- out of which the share premium of 1,40,21,079 along with share application money of Rs. 13,54,690/- aggregating to Rs. 1,53,75,769/- collected during the financial year 2007-08 relevant to Assessment Year 2008-09. For this, assessee also stated th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plication. 5. Learned AO and Ld. CIT(A) should have appreciated that proviso casting burden upon assessee to prove source of source has been inserted only from AY 2013-14 and does not apply to prior transactions." 4. Before us, the assessee contended that the substantial evidences were produced and as per balance sheet also the fact is that the share application money along with share premium amounting to Rs. 1,53,75,769/- was received prior to 31.03.2008 and remaining only Rs. 51,71,557/- received during the previous year relevant to this Assessment Year 2009-10. Before us, the assessee contended that the Foreign Inward Remittance Certificates clearly establish that the money was brought into India through normal banking channels. Moreo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . As observed by the AO, even the identity of the creditor and genuineness of transaction have not been proved by the assessee." 5. Hence, he confirmed the entire addition vide Para 7.2.4 as under:- "7.2.4 In view of the foregoing discussion and binding precedents, I am of the view that the Assessing Officer was justified in making an addition of Rs. 1,86,85,000 as un-explained credit under section 68 of the Act, the having failed to prove the identity of the creditor, genuineness of the transaction and above all the creditworthiness of the creditor in a transparent matter with the help of proper documents and the also having failed to offer any justification for a very high chare premium." Aggrieved, now assessee is in appeal before us ..... X X X X Extracts X X X X X X X X Extracts X X X X
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