2022 (5) TMI 217

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....i has erred in law and infacts by passing a revision order dated 22.03.2019 by setting aside the order u/s.143(3)r.w.s. 147 of the Income-tax Act, 1961 dated 13.10.2016 passed by the Ld. AssessingOffice (A) by holding that the same is erroneous and prejudicial to the interests of therevenue 2. The Learned Pr. Commissioner of Income Tax - 14, Mumbai has further erred inholding that the Ld. AO has not examined the source of high share premium receivedby the appellant disregarding the fact that the reason for re-opening of the appellant's case u/s. 148 of the Income-tax Act, 1961 was high share premium and completedetails regarding the source and source of sources has been duly submitted during thecourse of reassessment proceedings. 3. Th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....aggrieved by the order u/s 263 passed by the Pr. CIT the assessee is before us. 5. The Ld. AR submitted that the reopening u/s 147 was on the very basis of the reasons that all the 10 share subscriber entities have shown meagre or Nil income from business activities and filed the Nil return of income. The reply of the assessee before the Pr. CIT clearly set out that due to the recession and business expansion plan, the assessee-company decided to raise its capital base by fresh issue of equity shares. The investment by the subscribers were made out of their own as well as borrowed funds and the details were produced before the Assessing Officer during the course of assessment proceedings u/s 147. The reasons for reopening of the case was '....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... CIT as high share premium. The assessee vide submissions dated 15.06.2016, 03.08.2016 and 16.10.2016 has given the details about the statement of allotment of shares duly submitted to Registrar of the company in respect of 90,000 equity shares which has been allotted on 25.03.2009 to various stake holder as well as balance sheet, ITR acknowledgment of said subscribers for the relevant assessment year and also the audited balance sheet of the assessee-company. In fact, after perusing the records which were produced before the Assessing Officer at 147 proceedings, it can be seen that the creditworthiness as well as the genuineness and the identity of the said subscriber was properly established by the assessee. The assessee explained to the ....