TaxTMI 
TaxTMI 
2022 (10) TMI 606
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.....09.2013 was issued and duly served upon the assessee. In response to the said notice, the Authorised Representative of the assessee company appeared before the A.O. and filed requisite details which are noted by the A.O. in the assessment order. During the course of assessment proceedings, the A.O. noted that the assessee company has received unsecured loans from Associates of the companies i.e., Rs.19,55,000/- received Shamken Spinners Ltd., on various dates through A/c payee cheques and Rs.13,12,859/- received from Shamken Multifab Ltd., on various dates through A/c payee cheques and Rs.10,000/- from Mr. Sanjay Chaturvedi on 05.12.2011 vide A/c payee cheque No.048463, totalling to Rs.32,77,859/-. The A.O. called the assessee to prove the....
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....alf of the assessee has duly been reflected in the audited financials of M/s Shamken Multifab Ltd. 2. That while upholding the addition, learned Commissioner of Income Tax (Appeals), has grossly erred failing to appreciate that payment made by M/s ShamkenMultifab Ltd on behalf of the assessee were in respect of genuineness business expenses, and incurring of such expenses has not been disputed. 3. That on the facts and in the circumstances of the case, learned Commissioner of Income Tax (Appeals), has grossly erred in upholding the addition made by the learned AO of Rs.19,55,000/- u/s 68 of the Act in respect of the sum received the assessee from M/s Shamken Spinners Ltd. without appreciating that such company is an associate company of....
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....ata, which is sufficient for the assessee company to prove the creditworthiness and genuineness of the transaction in the matter as the amounts so received by the assessee company are also through A/c payee cheques and banking channel. He submitted that the assessee company has filed the acknowledgment of return of income as on 31.03.2012 for the A.Y. 2012-13, PAN Card, in respect of M/s. Shamken Multifab Ltd., and in respect of M/s. Shamken Spinners Ltd., the assessee company had filed bank statement, acknowledgment of return of income as on 31.03.2012 for the impugned A.Y. 2012-13 and PAN Card before the authorities below. He thus, submitted that the initial onus upon the assessee to prove the creditworthiness and genuineness of the trans....
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.... very much available in public domain. From the careful perusal of the paper book containing pages 1 to 144, I have noticed that the assessee company has filed sufficient documentary evidences before the authorities below such as acknowledgment of return of income, balance sheet as on 31.03.2012 for the impugned A.Y. 2012-13, bank statements, PAN etc., in respect of both the companies and, thus, the assessee company has discharged it's initial onus upon it by proving the creditworthiness and genuineness of the transaction in the matter and meet the requirements of Section 68 of the I.T. Act, 1961. It is a settled position of law, when the assessee discharged it's initial onus lay on it by proving the creditworthiness and genuineness of the ....
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.... ITA.No.169 of 2017 dated 14th March, 2017, in which it was held as under : "The CIT(A) took note of the material filed by the assessee and provided opportunity to the AO in Remand proceedings. The AO merely objected to the material furnished but did not undertake any verification. The CIT(A) deleted the addition by relying upon the decision of the Hon'ble Apex Court in the case of Lovely Exports Pvt.Ltd. (supra) and judgement of Delhi High Court in the case of CIT vs Divine Leasing & Finance Ltd. [2008] 299 ITR 268. The ITAT confirmed the opinion of the Ld.CIT(A). Hon'ble High Court in view of the above findings noted that the assessee had provided several documents that could have showed light into whether truly the transactions were ge....
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....r 2001-02 on scrutiny of accounts, the Assessing Officer found an addition of Rs.71,75,000 in the share capital of the assessee. The Assessing Officer sought an explanation of the assessee about this addition in the share capital. The assessee offered a detailed explanation. However, according to the Assessing Officer, the assessee failed to explain the addition of share application money from five of its subscribers. Accordingly, the Assessing Officer made an addition of Rs.35,50,000/- with the aid of section 68 of the Act, 1961 on account of unexplained cash credits appearing in the books of the assessee. However, in appeal, the Commissioner of Income-tax (Appeals) deleted the addition on the ground that the assessee had proved the existe....