2022 (4) TMI 278

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....ondents : Mehul Ranpura, A.R. ORDER Per Mahavir Prasad, JM The captioned appeal has been filed at the instance of the Revenue against the order of the Commissioner of Income Tax (Appeals), Jamnagar ('CIT(A)' in short), dated 17.02.2016 arising in the assessment order dated 17.03.2015 passed by the Assessing Officer (AO) under s. 143(3) of the Income Tax Act, 1961 (the Act) concern....

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....00 equity shares of Rs. 10/- each at a premium of Rs. 3990/- per share and thus there is increase in share capital of Rs. 73,000/-. Over and above that the company has collected premium of Rs. 2,91,27,000/-. Therefore, the assessee was asked to establish the identity of the persons, genuineness of transaction and creditworthiness as per section 68 of the Act. In response to the notices u/s. 133(6)....

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....ued shares of Rs. 2,92,00,000/- being 7300 equity shares of Rs. 10/- each at a premium of Rs. 3990/- per share and thus there is increase in share capital of Rs. 73,000/-. Over and above that the company has collected premium of Rs. 2,91,27,000/-. Before the lowers authorities, assessee has filed copy of the income tax return, PAN numbers of the concerned persons and also filed bank statements. Bu....