TaxTMI 
TaxTMI 
TaxTMI 
2024 (2) TMI 158
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....2015-16, 2016-17 & 2015-16 respectively. 2. Since the issue involved in the present Appeals are identical, all the Appeals are heard together and decided in this common order. The brief facts of the case in ITA No. 2593/Del/2022 (A.Y 2015-16) are considered, which are as under: The assessee filed return of income declaring total income of Rs. 7,25,520/- under the head 'income from house property' and income from 'other sources'. A search and seizure operation u/s 132 of the Act was carried out in the case of Bajaj Group on 20/04/2017. During the course of search action, various premises and bank locker of Bajaj Group were searched. Out of the search premises, search warrant in the name of Locker No. 125, Indian Overseas Bank, Rani Bazaar,....
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....nce filed by the assessee under rule 46A of the Income Tax Rules, 1962, called for Remand Report from the A.O. and the A.O. specifically observed in the Remand Report that the investment held in the shares of PNB Infrastructure Pvt. Ltd. were sold by the assessee at Rs. 10 per share which were directly from PNB Infrastructure Pvt. Ltd. at 10 per share. The Ld. Counsel for the assessee further submitted that the very same issue has been already dealt and decided by the Co-ordinate bench of the Tribunal in the case of Lalita Bajaj and Namita Bajaj in ITA No. 2596/Del/2022 for A.Y 2015-16, ITA No. 2598/Del/2022 (for Assessment Year 2015-16) respectively, wherein the addition made by the A.O. has been deleted, therefore, sought for deletion of ....
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....reported as follows: "4. In the application under rule 46A, the appellant has submitted that the credits/funds received in the bank account in the year under consideration are on account of sale of investment held by her in equity shares of RNB Infrastructure Pvt. Ltd. to RNB Leasing and Financial Services. It is further submitted by the appellant that amount received by her from the alleged shell concern was merely on the instructions of RNB Leasing and Financial Services, however, she has no business relation with the alleged shell concerns. Further referring to FORM 2 i.e return of allotment filed on 23.05.2007 and list of share transfer submitted with MCA. the assessee has submitted that investments held in shares of RNB Infrastructur....
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....ties were given to the assessee to discharge her onus to substantiate the genuineness of the transactions. However, no plausible explanation was given in this regard at that time. However, the documents now being filed before your good self and replies have also been received from various parties confirming the same Hence, the decision of considering the additional evidence may be Taken on merit by your good office." 11. When the observations of the AO, basis taken by the Learned CIT(A) for upholding the addition made by AO is evaluated on the touch stone of documentary evidences submitted by the assessee and the remand report of the AO vide dated 15.03.2022, then we safely gather that the assessee acquired shares of RNB Infrastructure Pv....
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....able to see any valid reason to invoke the provision of Section 68 of the Act treating the amounts received by the assessee as considering of sale of shares as unexplained to credits particularly when the Department has not objected the investment of shares by the assessee during F.Y. 2007-08 relevant to A.Y. 2008- 09. On respectful and careful perusal of the proposition relied by the Learned CIT(A), we clearly observe that in these case issue was of alleging the allotment of Shares by assessee company against share application money and share premium and the AO made addition under section 68 of the Act by holding that the identity and creditworthiness of investor and genuineness of transactions could not be established by the share applica....