2025 (7) TMI 758

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....has raised the following grounds: - "1. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in deleting the addition on account of unexplained share application money amounting to Rs. 62,82,86,580/- without appreciating the fact that the assessee received share capital and security premium in their balance sheet as on 31.03.2014, even though no shares were issued in exchange for the share application money received. 2. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in deleting the addition made u/s 56(2)(viib) of Rs. 62,82,86,580/- summarily without assigning any reason and simply stating in last Para of order "I have considered the assessment order and the submission of....

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....ing to Rs. 62,82,86,580/- credited in the Books of the Assessee Company during the year under consideration, the assessee was specifically asked to furnish the required details / documents, The assessee has filed reply to the statutory notices on 13.02.2023 which has been considered and found to be not tenable. The assessee company had received the said amount from FMNL (holding company) in respect of issue of shares & security premium and shown in the balance sheet as on 31.03.2014 but the assessee company has not issued shares against the said share application money. It is noticed that the assessee company has invested the share application money in the related parties as long term loans & advances. In this regard the assessee has failed....

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....70/- per share, which includes premium of Rs. 3,660/- per share. The assessee submitted that, even if, the loans and advances to the related parties are removed, the total assets of the assessee company was Rs. 112,56,30,221/-. On the other hand, if liabilities are calculated, keeping aside the share application money received by it during Financial Year 2013-14, which was refunded during the Financial Year 2014-15, the liabilities of the assessee stand at Rs. 108,89,29,489/- making the net worth of the assessee company for Rs. 3,67,00,732/-. Since before the issue of the shares by the company there were 10000 equity shares issued, the value per share comes to Rs. 3,670/- per share. 3.5 I have considered the assessment order and the submi....