Court No. - 35
Case :- INCOME TAX APPEAL No. - 278 of 2016 Appellant :- Principal Commissioner Of Income Tax Agra Respondent :- M/S. A.V.M. Cycle Manufacturersp Ltd.
Counsel for Appellant :- Ashish Agrawal Counsel for Respondent :- Rahul Agarwal,Rahul Agarwal Hon'ble Bharati Sapru,J. Hon'ble Rohit Ranjan Agarwal,J.
(By Hon.Rohit Ranjan Agarwal,J.) Heard Sri Ashish Agarwal, learned counsel for the appellant and Sri Rahul Agarwal assisted by Ms. Diksha Rastogi for the respondent .
The present appeal has been filed by the Department under Section 260A of the Income Tax Act against the order dated 11.12.2015 for the assessment year 2011-12. The following substantial questions of law are sought to be answered:
(A) Whether the addition of Rs.4,14,00,000/- made under Section 68 of the Income Tax Act was liable to be deleted despite the fact that the aforesaid amount was received by the investor company only a day before and was invested in the share capital of the assessee company causing a doubt about the credit worthiness of the investor company?"
From the perusal of the order passed by the Tribunal, we find that there are concurrent findings recorded by the Tribunal and the assessee was able to prove and establish beyond doubt in the manner in which all the transactions were found to be genuine.
In view of the findings of fact recorded and, accordingly, in view of the law also, the transactions were found to be genuine, which could not be turned down, which was rightly deleted.
The question of law is, therefore, answered in favour of the assessee and against the revenue.
The appeal is dismissed as above. No costs.
Order Date :- 30.7.2019 AKJ