2012 (1) TMI 206

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....enue is directed against the order of the Ld. Commissioner of Income Tax (Appeals) dated 16.9.2010 pertaining to assessment year 2007-08. 2. The grounds raised in the appeal read as under:- "i) On the facts in the circumstances of the case the Ld. Commissioner of Income Tax (Appeals) has erred in law by deleting the addition of Rs. 70,00,000/- made by the Assessing Officer on account o....

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....ucts. Return declaring income of Rs. 84,61,628/- was e-filed on 31.10.2007. During the course of assessment proceedings it was noticed by the Assessing Officer that there was an increase in share capital at Rs. 76,98,000/-. It was contended by the appellant that during the year under consideration it had received share application money from six different investors. Out of this Rs. 50 lac was rece....

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....ponsible for investment was produced. The Assessing Officer made addition of Rs. 70,000,000/- on appellant's income u/s. 68 of the IT Act. 4. Upon assessee's Ld. Commissioner of Income Tax (Appeals) observed that during assessment proceedings itself, the assessee had furnished adequate details to substantiate increase in share capital. He observed that it is not disputed that name, address, amo....

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....appeal before us. 6. We have heard the rival contentions in light of the material produced and precedent relied upon. We find that in this case the identity of the share holders has not been established in order to ascertain the genuineness of the transactions, Assessing Officer issued commission u/s. 131(d) to the departmental officers in Lucknow and Agra as well as and asked for information 1....