2025 (3) TMI 1964

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....rwal, CA For the Revenue : Shri Surender Pal, CIT DR ORDER PER M. BALAGANESH, A. M.: 1. The appeal in ITA No. 5637/Del/2018 for AY 2014-15, arises out of the order of the Commissioner of Income Tax (Appeals)-3, New Delhi [hereinafter referred to as 'ld. CIT(A)', in short] in Appeal No. 445/16- 17 dated 06.06.2018 against the order of assessment passed u/s 143(3) of the Income-tax Act, ....

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....assessment order. The assessee gave the name and address of the investors together with their PAN, ITR, bank statements and confirmations from the respective investors. The assessee also submitted that the monies were received through regular banking channels and the fact of investments had been duly reflected in the balance sheet of the investor companies. Accordingly, the assessee pleaded that g....

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....n person. This reply of the directors was not acceded to by the learned AO and learned AO proceeded to conclude that the genuineness of the transactions and credit worthiness of the investors were not established by the assessee and made an addition under section 68 of the Act in respect of share capital and share premium to the tune of Rs 10.40 crores and completed the assessment. 4. The learn....

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....nvestors and monies were received by the assessee through regular banking channels. Hence, this proves the genuineness of the transaction. All the investor companies had furnished their bank statements before the learned AO from which it is very clear that they had sufficient funds to make investment in the assessee company thereby proving the credit worthiness of the investor companies. Hence, we....