TaxTMI 
TaxTMI 
TaxTMI 
2012 (12) TMI 1115
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...."] erred on facts as also in law in confirming the additions made u/s. 68 of the Act in respect of Deposits of ₹ 3,20,000/- and Share application money/capital of ₹ 12,50,000/-. The additions may kindly be deleted. 3.0 The learned CIT(A) erred on facts as also in law in confirming disallowance of ₹ 62,130/- made out of insurance expense. The disallowance may kindly be deleted. 2. The assessee is engaged in Cotton ginning activity. During the year under consideration, the assessee had increased the share capital and accepted new loan. The assessee was asked to file confirmation of share money & loan creditor with their name, PAN & address. The assessee filed details of share holders and loan creditors but various defects....
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....editor and ₹ 12.5 lacs share capital u/s.68 of the I.T. Act. 3. The appellant carried the matter before CIT(A) who had confirmed the addition by observing as under: "4.3 I have carefully considered the assessment order, the above submissions and the case law cited by the ld. Authorised Representative. It is noticed that the appellant has accepted deposits as also share application money from different persons. It is clear from the facts that the Assessing Officer has while making the additions as unexplained deposits and unexplained share application money has gone in detail discussion and in case of every depositor and share holder, he has commented upon all facts relating to the concerned amounts. He has enquired about and made a....
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.... from Sumati Dayal Vs. CIT 214 ITR 801 (SC) and Oceanic Products Exporting Co. vs. CIT 241 ITR 497(Ker.). In view of the above discussion, I hold that the appellant has not been able to explain the introduction of money in its books to the extent of ₹ 3,20,000/- claimed as deposit received and ₹ 12,15,000/- claimed as share application money received, and hence the addition made by the Assessing Officer of such amounts stands confirmed." 4. Now the assessee is before us. The ld. Counsel for the appellant argued that the assessee had filed affidavits of share holders and explained the sources of income before the A.O. He filed paper book of 54 pages which includes copy of written submission before the CIT(A), copy of confirmat....
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....m Land Revenue record of Samatbhai Karshanbhai filed which shows that he is having land of 3.41 hector. 2. Pethalji Jadavbhai 3,50,000 + 50,000 By cheque drawn on Mahuva Nagrik Sahkari bank Copy of affidavit of the person confirming the deposit and the confirmation letter along with copies of account filed. This person is holding agricultural land. Copies of extracts from Land Revenue record were filed with the A.O. 3. Manjulaben Manoharkumar 1,65,000 Cheque drawn on State Bank of Saurashtra. Copy of bank statement of the depositor, copy of confirmation by way of affidavit and confirmation letter from the depositor were filed. The depositor has explained that she is having her savings and also the amount received from her father S....
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....xplained that the amount is her accumulation from house hold savings and the amounts received from her father from time to time. She had stated that her father was having agricultural land. 8. Ravjibhai Balubhai 1,00,000 Banker's cheque Copy of affidavit and confirmation letter of depositor filed. It is explained by the depositor that he had received money from his father Babubhai Chandabhai, who is a farmer and hold agricultural lands. Extracts from Land Revenue records for the land of his father were furnished. It is submitted that the Assessing Officer thus made two additions of the following: Sr. No. Name of the person Deposit (Rs.) Share Appl. (Rs.) 01 Deepaben Rupesh Kumar 75,000 - 02 Pethalji Jadavbhai Kalasariya 50,000....