2018 (6) TMI 1755

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....f Rs. 17,88,100. During the assessment proceedings u/s 143(3) of the Act, from the books of account of the assessee, the AO noticed that the assessee has shown to have received share application money of Rs. 48.00 lakhs during the year from three parties namely Axiom Goods Pvt. Ltd, Kolkata, Uplink Vyapar Pvt. Ltd, Kolkata and Basukinath Developers Pvt. Ltd, Kolkata. The assessee was asked to prove the genuineness of the above share application money received during the year. 3. In response to the same, on 18.02.2014, the assessee filed a statement of share application money along with confirmation letters of only Basukinath Developers Pvt Ltd and Axiom Goods Pvt. Ltd. The assessee did not mention about the share application money of Rs. 1....

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....neness of the transactions and creditworthiness of the parties. Therefore, he treated the entire sum of Rs. 48.00 lakhs as unexplained credit u/s 68 of the Act and brought it to tax. Aggrieved, the assessee preferred an appeal before the CIT (A) who confirmed the order of the AO and the assessee is in secondappeal before us. 5. The learned Counsel for the assessee, while reiterating the submissions made before the authorities below, submitted that the assessee had received the share application money through banking channels through RTGS as is recorded by both the AO and the CIT (A). Therefore, according to him, the assessee has proved the genuineness of the transactions and also had given the PAN of those companies and therefore, their id....