2014 (2) TMI 938

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....astava, Sr. D.R. ORDER Per Shamim Yahya: AM This appeal by the Revenue is directed against the order of the Ld. Commissioner of Income Tax (Appeals-XIX), New Delhi dated 24.5.2012 pertaining to assessment year 2007-08. 2. The grounds raised read as under:- i) Ld. CIT(A) erred in law and on the facts of the case in setting aside the issue of addition of Rs. 1,75,20,000/- made by the ....

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....e assessee has received share application money of Rs. 1,75,20,000/-. Despite several opportunities assessee failed to comply with the notices of the AO. AO observed that the onus was upon the assessee to prove the creditworthiness and genuineness and identity of the shareholders. Since the same was not done, AO treated the same as undisclosed income of the assessee and added the same under sectio....

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....in above paras are filed for the first time - either by the AR on his own or on enquiry from the undersigned in these proceedings - in the interest of justice, the AO is hereby directed to verify the genuineness of the documents and the contentions of the AR and if he is satisfied with the explanation, no addition is called for. The issue of addition of Rs. 1,75,20,000/- is set aside for limited v....

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....hall make examination of the submissions of the assessee and decide as per directions as above. 7. As regard the balance amount of share application money amounting to Rs. 12,00,000/- received from three parties, assessee has not submitted any document whatsoever before the AO. Assessee has submitted copy of application of shares and confirmation and PAN number before the Ld. CIT(A). Ld. CIT(A)....