2023 (1) TMI 487

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.... is an application moved on behalf of the appellant/revenue seeking condonation of delay in re-filing the appeal. 1.1 According to the appellant/revenue, there is a delay of 44 days. 2. Mr Gaurav Jain, who appears on behalf of the respondent/assessee, says that he does not oppose the prayer made in the application. 3. The delay in re-filing the appeal is, accordingly, condoned. 4. The application is disposed of, in the aforesaid terms. ITA 558/2022 5. This appeal is directed against order dated 29.04.2022 passed by the Income Tax Appellate Tribunal [in short, "the Tribunal"] concerning Assessment Year (AY) 2015-16. 6. In short, the issue which arises for consideration, even according to Mr Zoheb Hossain, senior standing counsel, who ....

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....ition of Rs 4,87,99,855/- on the ground that the assessee could not substantiate with evidence to his satisfaction regarding the creditworthiness of the investor. The premises for making this addition is the report of the Director of Income Tax (Investigation) according to which the assessee has received unexplained credit in its books of account. We find the Ld. CIT (A) deleted the addition, the reasons of which was already been reproduced in the preceding paragraphs. 29. We do not find any infirmity in the order of the Ld. CIT(A) on this issue. First of all the assessee in the instant case has received the share capital and share premium from one Mr. Taranpal Singh Kandhari, one of the shareholder and not a number of companies. We find ....

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....hari had filed the following details: i) Extracts from MCA. ii) Confirmation from lenders. iii) Bank statements of lenders showing payment towards loan. iv) Copy of PAN Card of lenders. v) Copy of Acknowledgement of income" tax return filed for the AY 2015-16 by lenders along with the copy of Audited financial statements for the year ended 31- 03-2015. 29.3. A perusal of the details filed by the assessee in the paper book in respect of the above 08 parties who had extended unsecured loan of Rs 4,78,00,000/- shows that they have sufficient capacity to extend the loan to Mr. Taranpal Singh Kandhari who in turn had invested in the shares of the assessee company. There is no evidence on record to show that the funds of the assessee ....

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....the assessee to produce any investor, could not be controverted by the Ld. D.R. The assessee filed the requisite details in response to summon under Section 131 of the I.T. Act, 1961 and the order nowhere speaks that the A.O. had asked the assessee to produce the investor." 9. The aforesaid findings of fact would show that in this case, there was one investor, i.e. Mr Taran Pal Singh Kandhari who had invested Rs.4,87,99,855/-. 9.1 This investment was made by way of purchase of equity stake in the respondent/assessee company. 9.2 The said investor, as per the findings of fact returned by the Tribunal, had purchased 2,63,783 equity shares of a face value of Rs.10/- each at a premium of Rs.175/- per share. The source of funds was the invest....