TaxTMI 
TaxTMI 
TaxTMI 
2023 (8) TMI 1544
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.... "1. That the CIT (A) has erred both in law and on facts by confirming the addition of Rs. 1,06,74,500/- made by Assessing Officer for treating share capital issued as unexplained cash credit u/s 68. 2. That the CIT (A) has like-wise erred both the law and on facts by confirming the addition made by Assessing Officer amounting to Rs. 14,60,000/- being differential value of sale consideration and stamp duty value of the property sold. 3. That the appellant craves leave to add to amend or withdraw all or any ground or grounds of appeal at the time or before the hearing of the appeal." 3. Ground No. 1 - The assessee vide Ground No. 1 has contested the confirmation of addition of Rs. 1,06,74,500/- made by the As....
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....heque to comply with the provisions of section 269T of the Act. Thereafter, the said shareholders paid back the amount through cheque towards share application money. That there was no doubt about the identity and creditworthiness of the shareholders. That the shareholders were close relatives of the Directors of the assessee company, who have duly confirmed the transactions. However, the Assessing Officer did not get satisfied with the above reply of the assessee and treated the entire amount of share application money of Rs. 1,06,74,500/- as unexplained cash credits u/s 68 of the Act. 5. The ld. CIT (A) confirmed the additions so made by the Assessing Officer. 6. Before us, the ld. Counsel for the assessee has submitted that the as....
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....ir identity and creditworthiness. Moreover, the transactions have been fully explained and confirmed by the shareholders, therefore, there is no doubt about the genuineness of the transaction. So far as, the increase in investment of Rs. 2 lakhs by Smt. Sarala Devi Chiripal, the same is meagre amount and hence, doubt cannot be raised about the creditworthiness of the said shareholder also. Now, coming to the amount invested by 'Arun Kunar Anil Kumar HUF', the said investor admittedly is closely related to the assessee company. The gross income of the said creditor as per ITR, as mentioned by the Assessing Officer himself is 13.68 lakhs for the year under consideration. The said 'Arun Kunar Anil Kumar HUF' has duly confirmed the transac....
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....ssess the market value of the land, however, the Assessing Officer did not refer the matter to the departmental valuation officer. The ld. Counsel for the assessee has, therefore, submitted that since the market value of the land was less and therefore, the Assessing Officer was not justified in making the impugned additions by comparing the sale value with the stamp duty value. The ld. Counsel, in this respect, has relied upon the decision of the Jurisdictional Calcutta High Court in the case of Sunil Kumar Agarwal vs. CIT in GA No. 3686 of 2013 ITAT No. 221 of 2013 vide order dated 13.03.2014, wherein, the Hon'ble High Court has made the following observations: "For the aforesaid reasons, we are of the opinion that the valuati....