2022 (8) TMI 1191

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.... in Law, the learned CIT (A) has erred in confirming the action of learned assessing officer in adding a sum of Rs. 450 lakhs u/s 68 of the income tax act 1961 without considering the facts and circumstances of the case 2. on the facts and circumstances of the case as well as in Law, the learned CIT (A) has erred in confirming the action of the learned assessing officer in disallowing a sum of Rs. 451,927/- u/s 14 A of the income tax act 1961 by invoking rule 8D of the income tax rules, 1962 without considering the facts and circumstances of the case." 02. Briefly stated the facts of the case shows that that assessee is a company who filed its return of income declaring loss of Rs. 1,30,16,763 on 27th September, 2021. During the....

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.... of the Act. The assessee did not file any response. Therefore the learned assessing officer invoke the provisions of Rule 80 and made a disallowance of Rs. 451,927/-. Accordingly the assessment order was passed on 31/3/2014 under Section 143 (3) of the Act, determining total income of the assessee at Rs. 32,435,164/- against the loss of third in the return of income of Rs. 13,016,763. 04. The assessee aggrieved with that preferred an appeal before the learned CIT(A), who confirmed the addition with respect to the share capital for following reasons:- i. During the current year assessee company had issued 3,72,500 shares for a premium of Rs. 190 per share and accordingly receive Rs. 3,725,000 on account of share capital and Rs. ....

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....n the merits of the case as per information available on record. 07. The learned departmental representative vehemently supported the order of the lower authorities. 08. We have carefully considered the contentions of the learned departmental representative as well as the written submission made by the assessee on 8th July, 2019 which is available on record. In its return submission assessee has merely relied upon several judicial precedents however did not produce any evidence with respect to the creditworthiness and genuineness of the depositors. According to the provisions of Section 68 of the Act, it is the duty of the assessee to show if any sum is credited in the books of accounts, the nature and source of such credit is by prod....