2014 (7) TMI 600

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.... ORDER Per B. Ramakotaiah, Accountant Member: This is Revenue's appeal against the order of the Commissioner of Income-tax(Appeals) V, Hyderabad dated 31.5.2013, for the assessment year 2009-10. 2. Revenue has raised four grounds on the issue of accepting investment of Rs. 5 crores, by the CIT(A), as genuine, and the Revenue contends that the CIT(A) erred in considering the genuineness in....

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....wathi K. Rs.1 Crore   TOTAL Rs.19 Crores The Assessing Officer added the amount of Rs. 19 crores, relying on the relying on the decisions of Calcutta High Court in the case of CIT V/s. Ruby Traders & Exporters Ltd. (263 ITR 300) and Rajasthan High Court in the case of CIT V/s. First Point Finance Ltd. (286 ITR 477). 3. Before the learned CIT(A), assessee filed confirmation l....

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....urnal entries the amounts were transferred to the assessee company and Shri Chamundeswar Nath has also paid back the amounts to M/s. Suresh Productions. However, the Assessing Officer did not accept the said transaction of Rs. 5 crores between Shri Chanmundeswar Nath and M/s. Suresh Productions. The assessee contested the same before the learned CIT(A) stating that the amount of Rs. 15 crores stan....

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....stors are assessees on the rolls of the Department. Thus, there is no reason to doubt the genuineness of the credits in the form of share application money and the creditworthiness of the investors. I therefore, hold that the provisions of Section 68 are not applicable to the credits amounting to Rs. 19crores. The Assessing Officer is accordingly directed to delete the addition of Rs. 19 crores." ....