2019 (7) TMI 1372

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....s are presented for our consideration : "(a) Whether on the facts and in the circumstances of the case and in law the Hon'ble Tribunal was right in sustaining the addition u/s. 68 of the Act, in the hands of the Appellant, even though the Appellant was incorporated on 17th March, 2006 i.e. at the fag end of the year immediately preceding the relevant financial year and undisputedly, no activity was carried out by the Appellant. (b) Whether on the facts and in the circumstances of the case and in law the Hon'ble Tribunal was right in holding that the proviso to section 68 inserted by Finance Act, 2012, effective A.Y. 2013-14 is retrospective in operation and was applicable to the facts of the Appellant. (c) Whether on the facts....

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....t year in question, the assessee had issued 9,37,500 equity shares at a face value of Rs. 10 with a premium of Rs. 30 per share and thus total collection of Rs. 3.75 Crores was made by way of share application money. The assessing officer examined the source of his receipt and held that the said represented nothing but the assessee's unexplained cash credit. Matching additions were made under Section 68 of the Act. The assessee carried the matter in Appeal. The Commissioner of Income Tax called for detailed demand report. On the basis of materials on record and after considering the remand report, he confirmed the additions. Upon which the assessee carried the matter before the Tribunal. The Tribunal by a detailed judgment, dismissed th....