TaxTMI 
TaxTMI 
2022 (3) TMI 82
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....late Tribunal, Kolkata "B" Bench (the 'Tribunal' in short) in ITA No.2253/Kol/2013 for the assessment year 2010-11. The revenue has raised the following substantial questions of law for consideration: "(i) Whether on the facts and in the circumstances of the case the Ld. Tribunal has erred in law as well as in fact in confirming the order of the CIT (Appeals) deleting the addition of Rs. 12.05 Crore made under Section 68 of the I.T. Act, 1961, by disregarding and ignoring that on 31.3.10 the share applicants did not have the required money to subscribe the shares of the assessee company and the transactions in question were mere paper transaction and creditworthiness of the parties did not exist ? (ii) Whether on the facts and ....
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....he CIT(A) has examined the entire facts and pointed out that the share application monies were received by way of account payee cheques through proper banking channel and these were evidenced from the banks statement of the appellant and the share applicant and both the share holders are regular income tax assessees. Further, with regard to the explanation offered regarding the source of tax, the CIT(A) found that the explanation to be satisfactory as they were duly supported by documents which were discredited by the Assessing Officer though addition was made under Section 68 of the Act. Furthermore, the conclusion arrived at by the Assessing Officer to treat the transaction solely based on the fact that there was actually two other compan....
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....t there is no substantial question of law arising for consideration on the said issue. The second application which has been suggested to us is with regard to the disallowance under Section 14A of the Act. This aspect of the matter has been dealt with by the CIT(A) in paragraphs 4.3 and 4.4 of its order. The CIT(A) noted that for the investments made in the earlier year their department has accepted the assessee's explanation that the investments were made out of own funds and there is no question of taking a contrary stand for the year under consideration. This factual position was verified and affirmed by the Tribunal. Therefore, we do not find any substantial question of law arising for consideration on the said issue. The third qu....