2014 (2) TMI 264

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.... year 2004-05 is directed against the order of the CIT(A)-I, Surat dated 10.10.2012. 2. The ground no.2 of the assessee is as under: "2. On the facts and in the circumstances of the case as well as law on the subject, the ld.CIT(A) has erred in confirming the action of the AO in making an addition of Rs.3,15,000/- on account of bogus share application money and charges." 3. The learned co....

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.... Mumbai, and copy thereof was never given to the assessee nor any opportunity to cross-examine was allowed by the AO. He submitted that para-2(C), the AO has stated that the ADIT has reported that there is no such company in the name of M/s.Sapan Chemicals Ltd. The learned counsel for the assessee submitted that the name of "SSRCWL" was changed to M/s.Sapan Chemicals Ltd. and the certificate there....

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....tion entries. He relied on the decision of the Hon'ble Delhi High Court in the case of Commissioner of Income-tax Vs Nova Promoters and Finlease (P) Ltd., 342 ITR 169 in support of the case of the Revenue. He relied on the orders of the AO and the CIT(A). 5. I have considered rival submissions. I find that the assessee has discharged its onus of establishing the identity and credit-worthiness o....

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....y the genuineness of the transaction. The assessee has denied the knowledge of statement of Shri Narendra Shah of Mumbai. The assessee has contended that the said Shri Narendra Shah has no capacity to make any statement on behalf of the assessee-company. In these facts of the case, the AO should have made further inquiries and should have given the copy of statement of Shri Narendra Shah to the as....