2015 (1) TMI 1160

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.... added back under Section 68 of the Income Tax Act by the assessing officer (hereinafter referred to as "AO"). 2. The assessee declared an income of Rs. 8,25,460/- for assessment year 2006-07. In the course of the scrutiny assessment, the AO determined that the assessee had received Rs. 35 lakhs towards share capital and unsecured loans to the extent of Rs. 2,50,75,905/-. After considering the materials placed on the record the AO found that the explanation furnished by the assessee was unconvincing and directed addition of these amounts under Section 68. This became the subject matter of the assessee's appeal before the Commissioner (A). In the first appellate proceedings the assessee sought to introduce additional evidence under Rule 4....

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....p;   "On merits, the additional evidences filed to indicate the identity of the persons, who have made the contribution to the assessee company by way of share application or loans. They are sons of Sh. P N Khana, director and brother of Mr. Sameer Khana, the other director. Thus, money has been received from the close family members. In support of their creditworthiness (source of loan), they have enclosed their copies of the ITR and statement of affaire of the firms they own. In the affidavit they have stated the entities they own or they are partners in. The transactions are reflected in the bank statements of the assessee as having been received through banking channels. In view of the above, it is submitted that the conten....