Case Law Details
DCIT Vs Shree Swaminarayan Infrastructure Private Limited (ITAT Rajkot)
In this case, assessee company has issued shares of Rs.2,92,00,000/-being 7300 equity shares of Rs.10/- each at a premium of Rs.3990/- per share and thus there is increase in share capital of Rs.73,000/-. Over and above that the company has collected premium of Rs.2,91,27,000/-. Before the lowers authorities, assessee has filed copy of the income tax return, PAN numbers of the concerned persons and also filed bank statements. But learned AO doubted the creditworthiness of the concerned persons. In support of its contention, the assessee/persons have not filed all the relevant details before the lower authorities, meaning thereby, the assessee has not discharged his onus. In our considered opinion, the abovesaid details do not prove the creditworthiness of the persons those have paid premium. So, in view of the above, we set aside this matter back to the file of the AO to revisit the issue and assessee is directed to file relevant details of the persons those have paid premium to the extent that they had creditworthiness of such huge payment. The learned CIT(A) has not passed reasoned and detailed order. Therefore, the captioned appeal filed by the Revenue is allowed for statistical purposes.
FULL TEXT OF THE ORDER OF ITAT RAJKOT
The captioned appeal has been filed at the instance of the Revenue against the order of the Commissioner of Income Tax (Appeals), Jamnagar (‘CIT(A)’ in short), dated 17.02.2016 arising in the assessment order dated 17.03.2015 passed by the Assessing Officer (AO) under s. 143(3) of the Income Tax Act, 1961 (the Act) concerning AY. 2012-13.
2. The grounds of appeal raised by Revenue read as under:
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