TMI Blog2022 (9) TMI 234X X X X Extracts X X X X X X X X Extracts X X X X ..... e subjected to examination/cross-examination. AO without pointing out any discrepancy in the evidences furnished by the assessee simply made a one line observation that the assessee had failed to justify the primary source etc. of capital raised. In view of the above discussion, we do not find any infirmity in the order of the CIT(A). This grounds of appeal of the Revenue is hereby dismissed. Revenue contended that as per the provisions of section 68 any explanation offered by the assessee company shall be deemed to be not satisfactory, unless such explanation in the opinion of the AO has been found to be satisfactory - The above ground of the appeal of the Revenue does not have any basis. There is no such legal provision u/s 68 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... c. of the grounds either before the appellate proceedings, or in the course of appellate proceedings. 2. A perusal of the above grounds of appeal taken by the Revenue would reveal that the Revenue is aggrieved by the CIT(A) in deleting the addition of Rs.3,00,00,000/- made by the Assessing Officer as unexplained cash credit u/s 68 of the Act. 3. The brief facts of the case are that the Assessing Officer during the assessment proceedings noted that the assessee company during the financial year 2011-12 relevant to assessment year under consideration issued shares in favour of different entities against high premium. To verify the identity and creditworthiness of the investors and genuineness of the transaction, the Assessing Officer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f share application form, allotment letter, bank statement to prove the genuineness of the investment and source were furnished before the Assessing Officer. The investments were made through account payee cheque and the shareholders were having sufficient funds to make the investment. Even the director of the assessee company appeared before the Assessing Officer and recorded statement justifying the premium charged of Rs.240/- per share. Even the directors of the investors also appeared before the Assessing Officer and recorded their statement justifying their investment made at a premium charged. The ld. CIT(A) observed that the Assessing Officer could not find any document or material acceptable or which could not be explained. He, ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re having sufficient funds to make the investments either from their own source or sources which were explained. The assessing officer could not point out any defect in any of the documents. The director of the appellant appeared before the assessing officer and recorded his statement justifying the premium charged of Rs.240/- per share. The directors of the shareholders appeared before the assessing officer and recorded their statements justifying their investments made at a premium charged. The assessing officer could not find any document or material which was not acceptable or which could not be explained. The responses to notice u/s 133(6) and in response to summons s 131 completely discharges the onus of the appellant and unless the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order of the Assessing Officer was cryptic. We also note that the Assessing Officer himself noted that the assessee had produced all the details and evidences before him as were called upon by him and even the director of the assessee company and that of investors personally appeared before him who were subjected to examination/cross-examination. The Assessing Officer without pointing out any discrepancy in the evidences furnished by the assessee simply made a one line observation that the assessee had failed to justify the primary source etc. of capital raised. In view of the above discussion, we do not find any infirmity in the order of the CIT(A). This grounds of appeal of the Revenue is hereby dismissed. 6. The Revenue vide Ground N ..... X X X X Extracts X X X X X X X X Extracts X X X X
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