TaxTMI 
TaxTMI 
2018 (4) TMI 1355
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....upported by an affidavit of the director of the company Shri Ajay Chauhan. Explaining the cause for delay, it is submitted that during the relevant period the directors of the company were very much disturbed in defending the recovery proceedings initiated by the State Bank of India. It was submitted, due to default in re-payment of bank loans by the Group companies, the office premises of the assessee and the residential house of the directors were attached and taken in possession by the State Bank of India. It is submitted, due to closing down of office premises of the company there were no staff available to compile the details and appoint a Chartered Accountant to file the appeals before the Tribunal. Further, the old director resigned ....
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....29th September 2011, declaring total income of Rs. 6,03,220. During the assessment proceedings, the Assessing Officer on verifying the Balance Sheet of the Company found that an amount of Rs. 4,86,00,000, has been shown as share premium. Therefore, he called upon the assessee to furnish complete details of share premium received with the name and address of the concerned party, PAN details, copy of the return of income filed for assessment year 2011-12 by that party along with Balance Sheet, relevant Bank Statement, valuation report, if any, to justify the share premium value. In response to the query raised by the Assessing Officer assessee furnished certain details vide letter dated 12th February 2014. After verifying the details furnishe....
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....e difficulties faced by the assessee as a result of attachment and taking over possession of assessee's business premises by the State Bank of India the assessee was not in a position to furnish the details called for either before the Assessing Officer or before the learned Commissioner (Appeals). The learned Counsel for the assessee submitted that now the assessee has been able to collect and is in possession of the documentary evidences called for by the Departmental Authorities in respect of the persons who paid the share premium and sought to furnish them as additional evidences and requested for admitting them under rule 29 of the Income Tax (Appellate Tribunal) Rule, 1963. The learned Authorised Representative submitted that due to g....
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....the required documentary evidences to prove the genuineness of the share premium. Thus, it is evident due to lack of supporting evidence addition of share premium under section 68 was made. However, from the materials placed before us, it is noticed that the assessee company and its directors during the relevant period were facing recovery proceedings initiated by State Bank of India for default in re-payment of loan by Group Companies. It is also a fact that various coercive measures were taken by the Bank for recovery of its dues as a result of which the business premises of the assessee as well as the residential houses of the director were attached and the Bank took over the possession of the business premises of the assessee with the h....