2025 (3) TMI 869

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..... an appeal preferred by the assessee against the order of the National Faceless Appeal Centre, Delhi (hereinafter referred to as the "Ld. CIT(A)"] dated 28.12.2023 for the AY 2012-13. 02. The only issue raised by the assessee is against the confirmation of addition of Rs. 2,50,00,000/- by the ld. CIT (A) as made by the ld. AO on account of unexplained share capital/ share premium. 03. The facts i .....

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..... e assessee company. All these details qua five share subscribers are available at page no.77 to 185. The ld. AO also issued summons u/s 131 of the Act on 12.02.2015, to the directors of the assessee company for personal deposition, and also to produce certain details as mentioned at page no.2 of the assessment order besides produicing the share subscribers. However, the said summons to the directo .....

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..... holding that the section 68 was correctly invoked by the ld. AO after discussing the details of the allottees on page no.8 and 9 of the appellate order and after following certain decisions as mentioned on page no.10 and 11 of the appellate order. 05. After hearing the rival contentions and perusing the materials available on record, we find that undisputedly the assessee has issued 2,50,000 equi .....

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..... hare subscribers company appeared before the AO and therefore, the identity, creditworthiness of the invetors and genuineness of the transactions could not be examined. Similarly, the ld. CIT (A) after discussing the credentials of each of the investors affirmed the order of the ld. Assessing Officer. We note from the analysis and discussion made by the ld CIT(A) about the subscribing companies on .....

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..... ns namely In defense of his argument he relied on the following decisions: (i) CIT Vs. Orissa Corporation Pvt. Ltd. (1986) 159 ITR 78 (SC); (ii) CIT Vs. Orchid Industries Ltd. 397 ITR 136 (Bom); (iii) Crystal Networks Pvt. Ltd. Vs. CIT 353 ITR 171 (Kol); (iv) ITO Vs. M/s. Cygnus Developers India Pvt. Ltd.(ITA No. 282/Kol/2012) and (v) Joy Consolidated Pvt. Ltd. Vs. ITO (ITA No. 547/Kol/2 .....

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