2014 (5) TMI 892

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....60-A of the Income Tax Act, 1061 calling in question the concurrent orders passed by the Commissioner, Appeals and the Income Tax Appellate Tribunal in the matter of disallowing an addition of Rs. 57 Lacs made by the Assessing Officer in the income of the respondent/company under Section 68 of the Income Tax Act on the ground that the amount is the unexplained share capital invested in the company....

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....sioner, Appeals, the Commissioner found that once the assessee has disclosed the particulars of the investors along with their mode of investment and bank particulars, merely on the basis of presumptions and assumptions, the amount could not be added to the income of the company. That apart, it was found that if the invester has not explained the source of amount, which is invested, then the same ....

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....e judgment rendered by the High Court of MP to say that the Commissioner, Appeals has not committed any error. These concurrent orders passed by the Commissioner, Appeals and the Tribunal are challenged in this appeal and the question of law proposed is that the tribunal and the appellate authority were not justified in disallowing the addition and it is stated that it's a perverse finding.....

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....nd it is said to be from a bogus share holder but if the name and other particulars of the share holder is given to the Assessing Officer, then the department is free to reopen their individual assessment in accordance with law. Once the assessee has discharged the burden of indicating as to the source from where, the share amount has been received, keeping in view the law laid down by the Supreme....