2023 (10) TMI 629

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....late Tribunal "A" Bench, Kolkata in ITA No.573/Kol/2020 for the assessment year 2012-13. The assessee has raised the following questions of law for consideration. A] Whether the findings and observations of the Tribunal that the appellant had not provided any documents or details before the lower authorities with respect to the identity and creditworthiness of the share subscribers and the genuineness of the transaction and/or not participated in the proceedings before the Commissioner of Income Tax [Appeals], perverse ? B] Whether the appellant having provided the details of share subscribers, copies of their income tax returns and audited accounts and the bank statements and cheque details for the transactions and replie....

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....ce being served through e-mail as well as telephonically. Accordingly, the tribunal proceeded to hear the representative of the department and dismissed the appeal. The learned tribunal is of the view that the assessee has not filed any evidence to prove identity and creditworthiness of the investors as well as genuineness of the transaction and there is no material before the tribunal so as to take contrary view. Therefore, the tribunal came to the conclusion that there is no reason to interfere with the order passed by the [CIT(A)]. The correctness of the order passed by the tribunal is challenged in this appeal. As could be seen from the assessment order dated 29.3.2015 under section 143[3] of the Act, notices were issued to the assessee....

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....audited balance-sheet of the assessee company wherein they brought in the share capital including share premium for the assessment year 2012-13. Further, the [CIT(A)] examined the bank account of the assessee and recorded his opinion, apart from perusing the bank statement. Further, the [CIT(A)] records that the assessee had tried to make out a case that the identity, creditworthiness and genuineness of the transaction have been established on the ground that PAN, Income Tax Return, bank statement of the share allottee have been provided and, ultimately, while dismissing the appeal the [CIT(A)] recorded that he has considered the submissions of the assessee, the relevant assessment records, and the various judicial decisions and has come to....