2019 (1) TMI 2059

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....t : Shri A. K. Tibrewala, FCA & Shri Amit Agarwal, Advocate ORDER PER SHRI A.T. VARKEY, JM This appeal has been filed by the revenue against the order of Ld. CIT(A)-9, Kolkata dated 11.07.2017 for AY 2012-13. 2. The main grievance of revenue is against the action of Ld. CIT(A) in deleting the addition of Rs. 85,00,000/- as made by the AO u/s. 68 of the Income-tax Act, 1961 (hereinafter....

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....e to non-compliance on the part of the assessee, the AO added the share application money along with the premium amounting to Rs. 85,00,000/- u/s. 68 of the Act as unexplained cash credit. Aggrieved, assessee preferred an appeal before the Ld. CIT(A), who deleted the addition. Aggrieved, revenue is before us. 4. We have heard rival submissions and gone through the facts and circumstances of the....

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....ssessee and no sum of money has been transferred to the assessee on this score. In similar case, the Tribunal in the case of Anand Enterprises Ltd. in ITA No. 1614/Kol/2016 dated 26.09.2018 wherein in similar issue arose and the Tribunal held as under: "4.2. It would be pertinent to note that in the instant case, the ld. AO had not doubted the investment made in shares by the assessee com....

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....nsideration and instead the consideration was settled through issuance of shares to the respective parties. Moreover, in the balance sheet of the assessee company in the schedule to share capital, it is very clearly mentioned by way of note that the fresh share capital was raised during the year for consideration other than cash. Hence we hold that provision of section 68 of the Act are not applic....