2023 (2) TMI 742

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....Sema, CIT D/R ORDER PER SHRI RAJPAL YADAV, VICE PRESIDENT: The present appeal is directed at the instance of the revenue against the order of the Learned Commissioner of Income Tax (Appeal) - 15, Kolkata (hereinafter the "ld. CIT(A)") dt. 30/10/2018, passed u/s 250 of the Income Tax Act, 1961 ("the Act'), for Assessment Year 2012-13. 2. The assessee has taken three (3) grounds of appea....

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.... & Associates for more time. It is pertinent to observed that no power of attorney executed in favour of Shri S.K. Thaur, C.A. has been placed on record. Thus, he is not the authorised person to seek an adjournment. Normally, we do not hesitate in adjourning the matters on the request of assessees but we find that it is a case of share application and share premium. There are large number of appea....

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....t was revealed that the assessee has raised share capital of Rs.9,67,59,171/- which contains subscribed and paid up capital of Rs.10,93,950/- and a premium on such subscription at Rs.9,56,65,221/-. In response to the summons issued u/s 131 of the Act, neither the directors of the assessee company appeared nor the directors of the share applicant companies or any evidence was produced before the As....

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.... The assessee has not filed its own financial status which can demonstrate whether it can command a premium of Rs.9,56,65,221/- on the shares having value of Rs.10,93,950/-. Thus, the assesse company evidently does not have any specific business. It has filed a loss return of Rs.9,171/-. In such circumstances, we are convince that it is a paper company devoid of any business. Hence, the ld. Revenu....