TaxTMI 
TaxTMI 
2024 (6) TMI 412
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....f facts of the case are that the case of the assessee was selected for limited scrutiny on three issues : i) Refund Claim (ii) Share Capital/other capital (iii) Deduction or total income under Chapter VI-A. 3. The ld. Assessing Officer (in short 'the AO') in the scrutiny assessment proceedings u/s 143(3) of the Income Tax Act, after examining the aforesaid issues accepted the returned income of the assessee. Thereafter, the ld. PCIT noted from the assessment records that the assessee had claimed deduction u/s 80JJAA of the Income Tax Act, 1961 (in short 'the Act') for the assessment year 2018-19 to the tune of Rs. 99,23,285/-. He further observed that from the perusal of record in Form 10DA, it revealed that 77....
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....erved that the assessee during the year had issued 0.25% Non Cumulative Compulsory Redeemable Preference Shares (NCRPS) of Rs. 100/- each. He, in this respect, observed that the AO had not properly examined the issue relating to the identity/financial worthiness and share subscribers and genuineness of the transactions. 4. The ld. PCIT show caused the assessee on the above issues as to why the assessment order be not held as erroneous and prejudicial to the interests of the Revenue for lack of adequate enquiries made by the AO. 5. In reply to the show cause, the assessee furnished the various details and submissions. However, the ld. PCIT did not get satisfied with the aforesaid submissions of the assessee and held that the assessment....
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....l. Since in this case, the aforesaid issue relating to disallowance u/s 36(1)(iii) and 14A of the Act were not covered under the limited scrutiny, therefore, the assessment order cannot be held to be erroneous for want of detailed enquiries on these issues by the AO. 9. Now coming to the issue relating to the claim of deduction u/s 80JJAA of the Act, the ld. Counsel for the assessee has invited our attention to the various details and explanations given by the assessee during the assessment proceedings. He has further invited our attention to the reply filed before the ld. PCIT wherein, the reference was made to the various enquiries made by the AO on this issue and the reply and explanation given by the assessee in this respect. The sum....
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....tion wise details of deductions claimed under VIA. 2 Details of earnings under the relevant heads against which deduction claimed. 3. Note on eligibility criteria of deductions claimed under different sections of Chapter VIA 4. Details of all the bank accounts alongwith the bank statement for the year to support the claim. 5. Documentary evidence in respect of investment/expenditure/ payment etc. made to claim the deductions." 10. The ld. counsel has further invited our attention to page 120, whereby, the details in respect of additional employees was submitted which included the names of the additional employees, their PAN number, gross salary, bank account details and the mode of salary paid through ....
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....questionnaire dated 28.12.2020 wherein, the following details were asked for from the assessee, on this issue : a) Name and address of the shareholders b) PAN of the shareholders c) Face Value of each share. d) Number of shares allotted to each shareholder. e) Total value of the shares allotted to each shareholder, f) Payment received from each shareholder during the financial year. 2) Provide documentary evidence to substantiate the identity and ITR of the shareholders to substantiate creditworthiness the shareholders as well as the proof of genuineness of transaction in respect of fresh credit of the share capital account. 3) The valuation report with respect to the w....