2024 (6) TMI 1514

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....NTANT MEMBER : The assessee has filed this appeal and it relates to the assessment year 2009-10. The assessee is aggrieved by the decision of Ld CIT(A) in directing the AO to examine the credit worthiness of share applicants and two other parties in assessment year 2008-09/ relevant year in which money was received. 2. The facts relating to the above said issue are discussed in brief. During....

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....ee furnished details relating to the share capital/premium received by it. It was submitted that the share application money was received in the earlier years and during the year under consideration, the shares were allotted. Accordingly, it was submitted that the addition u/s 68 of the Act could not have been made in this year, as there was no receipt of money during the instant year. The Ld CIT(....

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....was claimed to have been invested in purchasing shares of the assessee company. In view of the above said submissions and further, since the share application money was received by the assessee from them in the year relevant to AY 2008-09, the Ld CIT(A) directed the AO to examine the creditworthiness of VK Trust and RK Trust by reopening the assessment for AY 2008-09 of the assessee company in ter....

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.... the parties and perused the record. We noticed that the assessee had received share application money in the earliers and not during the year under consideration. Hence, the AO and Ld CIT(A) have accepted that the addition u/s 68 of the Act could not have been made in the year under consideration. We notice that the Ld CIT(A) has only directed the AO to examine the receipt of money in the year in....