2020 (7) TMI 520

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....lenging a pure legal ground and its adjudication does not require intense investigation and relevant facts are explicitly available on record. 3. With this application, the assessee has challenged the impugned addition of Rs. 2,01,50,000/- being share application money, which, according to the Assessing Officer, accepted during the year under consideration and subjected to tax u/s 69C of the Income-tax Act, 1961 [hereinafter referred to as 'The Act']. The assessee contends that such unexplained credits are outside the ambit of section 69C of the Act. Reliance has been placed on several judicial decisions. 4. We have carefully perused the assessment order. Right from his query till the framing of the assessment order, the Asses....

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....essing Officer observed that the assessee has filed bank statements only of the month in which transaction took place. The Assessing Officer further observed that the I.T. Returns filed by the parties for Assessment Year 2012-13 show income between 2 to 3 lakhs. To examine the credit worthiness of the share applicants, the Assessing Officer issued summons u/s 131 of the Act but no one attended the proceedings and again confirmations were filed. Taking an adverse view, the Assessing Officer formed a belief that the credits are unexplained and, accordingly, made addition of Rs. 2,01,50,000/-. 10. The assessee carried the matter before the ld. CIT(A) and strongly contended that the Assessing Officer never asked the assessee to furnish compl....

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....h. Pawan Goel and Neeru Aggarwal, Amit Aggarwal and Sumit Aggarwal are her siblings. These persons are directors in M/s Amit Industries Pvt. Ltd., which has filed return for assessment year 2012-13 showing an income of Rs. 11,04,117/-. The sources of share application money by the share applicants has been explained by way of fund transfer from Amit Industires Pvt. Ltd., Amit Aggarwal, Sumit Aggarwal and Shashi Gupta. Smt. Shashi Gupta is also assessed to tax with the ITO, Ward 25(1) and has returned income of Rs. 3,03,072/- for A.Y. 2012-13. Keeping in view the evidences filed in the form of complete bank statements, ITRs, confirmations of sources from which funds have been transferred and their income tax returns, it is held that the genu....