2012 (12) TMI 1211

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ssessee company is an investment company involved in subscribing share capital of various concerns and advancing loan. On appraisal of profit and loss account and balance sheet, the Assessing Officer observed that share application money outstanding has been reduced to Rs. 17.34 lakhs from previous years Rs. 129.89 lakhs , preference shares of M/s. Sam Industries has been reduced to Rs. 47.02 lakhs from Rs. 52.25 lakhs. Accordingly, addition of Rs. 60,95,500/- was made u/s 68. The Assessing Officer also made protective addition of Rs. 98,05,000/-. The addition so made was deleted by the ld.CIT(A) after having the following observations :- "4.1.3. On perusal of the assessment order, submissions made by the assessee on different date....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tioned as to justified the addition made by him in the assessment order. The assessee during the course of appeal justified in explaining the source of investment through various documents and the Assessing Officer himself satisfied with the explanation of the assessee in remand report. Considering the totality of the facts of the present case, addition of Rs. 60,95,000/- as made by the Assessing Officer in respect of investment made by the assessee in different companies by invoking the provision of Section 68 is not justified. Accordingly, the addition of Rs. 60,95,000/- on this account is deleted. 4.2.3 On perusal of the assessment order, submissions made by the assessee on different dates with its enclosures, remand report....