2016 (5) TMI 1422

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.... Income Tax Appellate Tribunal (ITAT), Jodhpur Bench, Jodhpur, whereby an appeal preferred by the Revenue against the order of Commissioner of Income Tax (Appeals) [CIT(A)], Jodhpur, dated 30.6.14, deleting the addition of Rs. 75,00,000/- made by the Assessing Officer (AO) under Section 68 of the Income Tax Act, 1961 (for short "the Act"), vide assessment order dated 4.3.14 for the assessment year....

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....the income of the assessee under Section 68 of the Act. 3. Aggrieved thereby, an appeal preferred by the assessee was allowed by the CIT (A) vide order dated 30.6.14. The CIT (A) observed that investment has been made through regular banking channel and it has been refunded through regular banking channel when project of the company was dropped. The CIT (A) found that the investment and refund of....

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....ded as share capital money. Learned counsel submitted that relying upon the survey conducted in third party's case and the statements of Shri Aseem Kumar Gupta, the addition made by the AO was absolutely justified. Learned counsel submitted that the ITAT has erred in ignoring the fact that the assessee could not substantiate its necessity for obtaining huge share application money only after a....