2025 (3) TMI 1714

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....RAJESH KUMAR, AM: This is an appeal preferred by the assessee against the order of the National Faceless Appeal Centre, Delhi (hereinafter referred to as the "Ld. CIT(A)"] dated 09.02.2024 for the AY 2012-13. 02. The only issue raised by the assessee in the grounds of appeal is against the confirmation of addition of Rs. 1,43,00,000/- by the ld. CIT(A) as made by the ld. AO on account of sha....

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....he Act were not complied with directing the assessee company for producing the directors of the subscribers companies for cross examination. Thereafter, the ld. AO reached a conclusion that the assessee failed to offer any explanation on the share capital/ share premium including the source and nature of cash credits and therefore, treated the same as unexplained cash credit u/s 68 of the Act and ....

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....re capital/ share premium of Rs. 1,43,00,000/- during the year out of which Rs. 1,33,00,000/- was received in the earlier assessment years the details thereof are available in page no. 24 of the Paper Book. Considering the said facts, we are of the view that the order passed by the ld. CIT(A) is completely in violation of the ratio laid by Hon'ble Calcutta High Court in case of Jatia Investmen....

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....e assessee has furnished all the evidences before the lower authorities below and therefore, the addition was merely made on the basis that summons issued u/s 131 of the Act were not complied with by the directors of the assessee company by not producing the directors of the subscribers' companies which is incorrect and cannot be sustained. We also note that Hon'ble jurisdictional High Court h....