2024 (12) TMI 1536

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.... Tribunal, "C" Bench, Kolkata (the Tribunal) in ITA No. 22/Kol/2021 for the assessment year 2012-13. 2. The revenue has raised the following substantial questions of law : "(i) Whether the Learned ITAT has was justified in law to delete the addition of Rs. 85,61,00,000/- on account of unexplained receipts of share application money, ignoring the fact that the assessee failed to prove the identity of the alleged shareholders, their creditworthiness and also the genuineness of the whole transactions. (ii) Whether the Tribunal was justified in law to arrive at a conclusive funding that mere compliance under Section 133(6) of the Act is sufficient to satisfy and/or fulfill the in guidance prescribed under Section ....

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....e broad principles which were laid by the Hon'ble Supreme Court in so far as the credits of the share capital/premium are that the assessee under a legal obligation to prove the genuineness of the transactions, the identity of the creditors and creditworthiness of the investors who should have financial capacity to make the investment in question to the satisfaction of the assessing officer, so as to discharge the primary onus. The second aspect is with regard to the duty of the assessing officer, wherein it was held that the assessing officer is duty bound to investigate the creditworthiness of the creditors/subscribers, verify the identity of the subscribers and ascertain whether the transaction is genuine or there are bogus increase of n....