TaxTMI 
TaxTMI 
2021 (6) TMI 173
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.... 2. "On the facts and circumstances of case and in law, the Ld.CIT(A) erred in deleting the addition of Rs. 20,90,19,879/- being the amount received on account of Share Premium, without appreciating the fact that assessee, as recorded in the assessment order was unable to prove before the A. O. that the transaction in its books were true, genuine and justified." 3. The Appellant prays that the order of the CIT (Appeals) on the above grounds be set aside and that of the AO be restored." 4. "The Appellant craves leave to amend or alter any ground or to submit additional new ground, which may be necessary." 3. Brief facts of the case are that in this case assessee is engaged in the business of publishing and printing....
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....n of Rs. 20,90/19,8797- u/s. 68 being the share premium on issue of Equity Shares of 30,98,009 at Rs. 10/- each fully paid on a premium of Rs. 67.46 per share to its holding company, that is, Media Vest India P. Ltd. . It is seen that the appellant has established the identity, capacity and creditworthiness of the subscriber as well as the genuineness of the said transaction. It is seen that the appellant has furnished all details along with confirmation, PAN details and bank statements. It is also seen that the A.O. has not considered that the First Proviso to Section 68 has been introduced from 1,4.2013 as per Finance Act 2012 and the appeal in this case relates to F.Y. 2011-12 relevant to A.Y. 2012-13. It is also seen that the said premi....
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....detail and bank statement. He has noted that assessee had submitted that assessee shall be supplying the necessary details as required, but till the date of his assessment order the necessary details were not supplied. The assessing officer has noted that the transaction details as well as the bank statements were not produced. The assessing officer has doubted both the veracity of the transaction as well as the creditworthiness. 7. The learned CIT(A) on the other hand has summarily accepted the assessee submission that the details have been submitted before the assessing officer. She has not at all given a finding that the details called for were submitted before the date of assessment order or not. This is clearly relevant as assessing....
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....ments in this regard the creditworthiness of the creditors is established. Thus learned CIT(A) has grossly erred in relying upon the decisions referred by him. Furthermore learned CIT(A) has referred to decision, of honourable Supreme Court in the case of P. Mohankala (supra). How this decision helps the case of the assessee or the decision of learned CIT(A) has not at all been discussed. As a matter of fact in this decision of the honourable Supreme Court has observed that :- "It is true that even after rejecting the explanation given by the assessee if found unacceptable, the crucial aspect whether on the facts and circumstances of the case it should be inferred the sums credited in the books of the assessee constituted income....