2025 (9) TMI 1735

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....ted October 16, 2024 passed by the Income Tax Appellate Tribunal, "A" Bench, Kolkata, in ITA No. 986/Kol/2024 for the assessment year 2008-09. The revenue has raised the following substantial questions of law for consideration: "(a) Whether in facts and in the circumstances of the case the Ld. Income Tax Appellate Tribunal was not justified in law in deleting the addition of Rs. 7,97,00,000/- under Section 68 of the Act, made on account of share capital and high share premium? (b) Whether in facts and in the circumstances of the case the Ld. Income Tax Appellate Tribunal was not justified in law in not considering the judicial principle laid down in the matter of Pr. CIT Vs. Swati Bajaj reported in (2022) 139 taxmann.co....

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....), Kolkata dated 19.3.2014. The return of income filed by the assessee was duly processed under Section 143(1) of the Act. Subsequently, the assessment was reopened and completed under Section 143(3) read with Section 147 of the Act by order dated 12.5.2010. The said order enured in favour of the respondent/assessee. The Principal Commissioner of Income Tax (PCIT) exercised his jurisdiction under Section 263 of the Act and an order came to be passed dated 30.3.2013 by setting aside the assessment order and directing the assessing officer to examine the genuineness and source of share capital, not on a test check basis but in respect of each and every shareholder by conducting independent enquiry not through the assessee. The bank account fo....

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....ribunal proceeded to examine in an elaborate fashion the correctness of those submissions and after taking note of the various decisions of the Hon'ble Supreme Court and this Court, held that the assessing officer in the second round did not make any independent enquiry to verify the genuineness of the transactions despite the assessee having furnished all details and documents. That apart, the assessing officer has not pointed out any discrepancy or insufficiency in the evidence and details furnished by the assessee. Therefore, the learned Tribunal came to the conclusion that the assessee having discharged the initial burden cast upon them to prove the identity and creditworthiness of the share-subscribers and the genuineness of the transa....