TaxTMI 
TaxTMI 
2012 (3) TMI 659
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....ted 16.10.2001; ITA No.2102/Ahd/2001 for A.Y.1996-97 is against the order of the CIT(A) dated 16.10.2001 and ITA No.851/Ahd/2009 for A.Y.1997-98 is against the order of the CIT(A) dated 12.1.2009. For the sake of convenience, we dispose of all these appeals by this combined order. ITA No.2118/Ahd/2000 and 851/Ahd/2009 (A.Y.1997-98) 2. The brief facts as noted by the AO at page no.2 of the assessment order for A.Y.1997-98 that promoter's contribution was brought in, as shown in the books of accounts of the assessee to the tune of ₹ 205.06 lakhs including ₹ 18.36 lakhs prior to A.Y.1995-96; ₹ 50.50 lakhs in A.Y.1995-96, ₹ 15.78 lakhs in A.Y.1996-97 while ₹ 120.42 lakhs for A.Y.1997-98. It was further noted tha....
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....e by the AO. Being aggrieved, the matter was carried before the CIT(A), but without success, and now the assessee is in further appeal before us. 3. It was submitted by the learned AR of the assessee before the learned CIT(A), as noted by him in his order in para 1.3, page no.8 of his order that it was the arguments of the assessee that even the bank accounts are false as the said amounts shown to have been deposited by cash, were never deposited. It was also submitted that the bank accounts were manipulated in this regard with the connivance of the bank manager. It is also submitted that return of allotment of equity shares value of ₹ 1,20,42,000/- allotted on 4-4-1996 is available at page no.60 to 65 of the paper book(2) and as per....
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....e said to be allotted on 4.4.1996 to various persons. In our considered opinion, these persons are required to be examined in order to find out as to whether three ingredients of cash credits i.e. identity, credit-worthiness and genuineness of the transaction are being established by the assessee with regard to the cash credit to the extent of ₹ 1,20,42,000/- said to have been received from these persons in the form of share application money. The assessee should provide complete details and present address of these persons along with their confirmations and PAN and other evidences in support of this claim that amount received from these persons was available as cash on 3.4.1996 and 4.4.1996 and only this cash received from these pers....