TaxTMI 
TaxTMI 
2018 (11) TMI 945
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....aring loss of Rs. 50,12,185/- for the assessment year 2013-14 on 31.10.2013. The case was processed u/s 143(1) of the Income Tax Act, 1961 (hereinafter called as 'Act') and subsequently selected for scrutiny under CASS and the Assessing Officer (AO) has taken up the assessment. 3. During the assessment proceedings, the AO found that the assessee had accepted the share application money of Rs. 49,87,919/- during the year under consideration. The assessee furnished confirmation letters from 25 persons from whom the assessee accepted the share application money. The AO asked the assessee to produce the investors and in response, the assessee produced five of such investors for verification from whom the statements were recorded by the AO and ....
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....s auctioned by APSFC. The directors of the company are in dispute and some important documents were destroyed in HudHud cyclone. The company also has huge carried forwarded business losses and unabsorbed depreciation. The AO during the assessment proceedings asked the assessee to produce the investors and the assessee has produced 5 persons who have invested in the company and all of them confirmed having subscribed to share capital. As per the list, all these 25 persons have invested the amount ranging from 1.5 lakhs to 3 lakhs on different dates during the year towards the share application money. The assessee has produced 5 persons for verification and all of them have confirmed having given the sums. The share applicants were having su....
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....one though the orders of the lower authorities. In this case, the assessee company is not operational and the company was closed. The impugned assessment year was 2013-14 and taken up the assessment in 2014- 15. The company was closed and the factory was auctioned by APSFC and lot of important documents stated to have been destroyed in HudHud cyclone. During the assessment proceedings, the assessee was asked to produce the share applicants and the assessee has produced 5 persons and the confirmation letters form all 25 persons which were placed in the paper book in page No.32 to 56. The assessee also furnished the details of the receipt of share application money, applicant wise with clear address in page No.30 to 31, Mode of payment of....