2019 (4) TMI 1099

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....O) u/s 144/143(3) of the Act dated 3.3.2015 for the Asst Year 2012-13. 2. The only to be decided in this appeal is as to whether the ld CITA was justified in upholding the addition made u/s 68 of the Act towards share capital and share premium in the sum of Rs. 1,80,00,000/-, in the facts and circumstances of the case. 3. The brief facts of this issue is that the return of income for the Asst Year 2012-13 was filed on 7.6.2013 declaring total income of Rs. 3,182/-. The assessee company was incorporated on 7.5.2011. The ld AO observed that the assessee had raised share capital by issuing 40000 shares of Rs. 10 each with premium of Rs. 440 each and thereby raised a total amount of Rs. 1,80,00,000/-. It was observed that the assessee had not....

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.... share premium were made through their respective bank accounts. All the subscriber companies were related / sister concerns. All the notices issued u/s 133(6) of the Act by the ld AO were duly served on 12 subscribing companies. All the 12 share subscribers duly complied with the notices u/s 133(6) of the Act and furnished the requisite documentary evidences and details as requisitioned by the ld AO. The share applicants had furnished their audited financial statements and IT return acknowledgements for Asst Year 2012-13. It was also pleaded that the share applicants had also furnished copies of bank statements evidencing that payments were made through regular banking channels and that there were no cash deposits prior to issue of cheques....