INCOME TAX OFFICER Vs. LIFE LINE BIOTECH LTD.
LAWS(IT)-2014-9-22
INCOME TAX APPELLATE TRIBUNAL
Decided on September 08,2014

INCOME TAX OFFICER Appellant
VERSUS
Life Line Biotech Ltd. Respondents

JUDGEMENT

R.S.Syal, Member (A) - (1.) THIS appeal by the Revenue is directed against the order passed by the ld. CIT(A) on 16.3.2010 in relation to the assessment year 2006 -07.
(2.) THE first ground is general which does not require any adjudication. The second ground of the appeal is against the deletion of addition of Rs. 95,30,000/ - made by the Assessing Officer (AO) u/s. 68 of the Income -tax Act, 1961 (hereinafter also called 'the Act'), being the unexplained share application money. Ground No. 9 of the appeal is against accepting additional evidence by the ld. CIT(A) in violation of under Rule 46A of the Income -tax Rules, 1962, despite the fact that the AO in his remand report had objected to the admission of additional evidence.
(3.) BRIEFLY stated, the facts of the case are that the assessee filed its return declaring income of Rs. 6,44,246/ -. The assessee showed to have received share application money to the tune of Rs. 95,36,000/ -. The Assessing Officer, vide question no. 18 of the questionnaire dated 28.8.2008, required the assessee to furnish the details of share application money introduced during the year with name/address/proof of identity/PAN/confirmation etc. of each of the subscribers. The assessee furnished only a bare list of persons who had paid share application money amounting to Rs. 95.36 lac vide its letter dated 10/20.10.2008. Neither any PAN details nor addresses or any other particulars of the share applicants were given. Vide order sheet entry dated 24.10.2008, the assessee was again asked to furnish complete details/proofs of identity/confirmations and copies of Income -tax Returns. Despite several reminders, the assessee failed to furnish such details till the last date of hearing. In the light of these facts, the Assessing Officer made addition of Rs. 95.36 lac u/s. 68 of the Act.;


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