2019 (4) TMI 1099

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....cer, Ward-12(2), Kolkata (in short the ld AO) 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. 1,80,00,0....

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....income tax and payments towards share capital and 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 ther....

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....e subscribing companies were also proved beyond doubt. The above mentioned documentary evidences furnished by the assessee as well as the share applicants proved the identity of the share applicants and the genuineness of transactions. It was pleaded before the ld CITA that the ld AO before passing the order u/s 144 of the Act did not provide any final opportunity of being heard. 5. The ld CITA appreciated these evidences and deleted the addition made towards share capital and premium in the sum of Rs. 1,80,00,000/-. Aggrieved, the revenue is in appeal before us. 6. We have heard the rival submissions. The ld AR fairly stated that the various evidences submitted by the assessee as detailed supra were not even considered by the ld AO a....