TaxTMI 
TaxTMI 
2025 (5) TMI 2051
X X X X Extracts X X X X
X X X X Extracts X X X X
....appeal before it against the order dated 19.03.2014 passed u/s 143(3) of the Income Tax Act, 1961 (hereinafter referred as 'the Act') by the ACIT, Central Circle-28, New Delhi (hereinafter referred to as the Ld. AO). The assessee has filed Cross Objection. 2. The Revenue has taken the following grounds of appeal:- "1. That on the facts and in the circumstances of the case, the Ld. CIT(A) has erred in deleting the addition of Rs. 10 crore on account of (paid - up share capital, share premium and security premium) credited in its books of accounts ignoring the fact that the assessee had not discharged its primary onus to establish the identity and creditworthiness of the creditors and genuineness of the transaction during assessment procee....
X X X X Extracts X X X X
X X X X Extracts X X X X
....td. (a concern of Ocus group) had shown to have raised its share capital and it was noticed that the appellant company has invested Rs. 10 crore as share capital/share premium in MGC Estate P. Ltd. On verification/investigation of the facts, it was found by the AO that Sh. Ashok Kumar Tyagi was engaged in giving accommodation entries through the companies owned, controlled and managed by him. M/s Geemed Promoters P. Ltd. was also one of his company through which accommodation entry was provided in the garb of share capital/share premium to M/s MGC Estate P. Ltd. Orders under section 153A were passed, by the same AO on 27.03.2015 and 31.03.2015 in the case of Sh. Ashok Kumar Tyagi and M/s MGC Estate P. Ltd respectively. In the result, Sh. As....
X X X X Extracts X X X X
X X X X Extracts X X X X
....s to addition of Rs. 1,70,000/- made by the AO. The fact of the case is that the AO found that there was bank deposits of Rs. 1,70,000/- in addition to the impugned amount of Rs. 10 crore and since, the nature and source of the same could not be explained by the appellant, therefore, the AO made addition of the same under section 68 of the IT Act. I find that even during the appellate proceedings, there was no explanation filed by the appellant with regard to nature and source of the said amount, under these circumstances, I do not find any infirmity in the AO's order in this regard." 5. Ld. DR could not dispute the fact that in the hands of Ashok Kumar Tyagi the additions stand final by way of commission income only. Thus no question ....