INCOME TAX OFFICER,6 (1)(2), MUMBAI vs. AMIRASHMI FINSTOCK PRIVATE LIMITED, MUMBAI

O R D E R Manoj Kumar Aggarwal (Accountant Member) 1. The revenue is under appeal against separate appellate orders for Assessment Years (AY) 2010-11 & 2011-12 both dated 17/04/2017. It is M/s. Amirashmi Finstock Private Limited Assessment Years :2010-11 & 2011-12 admitted position that facts are pari-materia the same in both the years and adjudication in any one year would equally apply to other year also and therefore, the appeals were heard together and are now being disposed-off by way of this consolidated order for the sake of convenience and brevity.

2. On the facts and circumstances of case and in law, the Ld. CIT(A) erred in deleting the addition of Rs.1,95,00,000/- being the amount received by the assessee on account of Share Application Money/Share Capital and Share Premium from M/s. Advance Technologies Ltd. Prabhav Industries Ltd. and Yantra Natural Resources Ltd., without appreciating the fact that neither the genuineness of the share premium amount nor the creditworthiness of the above companies has been established by the assessee company.

3. On the facts and circumstances of case and in law, the Ld. CIT(A) erred in not appreciating the fact that Mr. Shirish C. Shah, in his statement recorded on oath u/s. 132(4) of the Act, stated that the above listed companies are managed and controlled by him and he had used these companies for providing accommodation entries of share Capital/Premium, share application and unsecured loans.

4. The Appellant prays that the order of the CIT(Appeals) on the above grounds be set aside and that of the Assessing Officer be restored.” As evident, the revenue is aggrieved by deletion of certain addition u/s 68 as made by Ld. AO in the assessment order.

3. The learned Authorized Representative for assessee (AR), at the outset, submitted that similar additions made by Ld. AO in AY 2012-13 but deleted by Ld. CIT (A), were under challenge by revenue before this Tribunal vide order dated 30/01/2019. The coordinate bench, in the said order, set-aside the appellate order and restored the matter back to the file of Ld. AO for de novo assessment. Pursuant to the same, the consequential assessment was framed by Ld. AO vide order dated 30/12/2019 wherein the assessee demonstrated the M/s. Amirashmi Finstock Private Limited Assessment Years :2010-11 & 2011-12 fulfilment of primary ingredients of Sec. 68 and no addition was made by Ld. AO. Therefore, these being the earlier years and facts being identical, the additions would not be sustainable and the appellate order would require no interference on the facts and circumstances of the case. The copies of the Tribunal order for AY 2012-13 as well as assessment framed consequent thereto have been placed on record. The Ld. Departmental Representative (DR), Shri Michael Jerald, on the other hand, submitted that the investor parties were different in AY 2012- 13 and therefore, the said assessment could not form the basis to confirm the deletion of additions. 4.1 We have carefully heard rival submissions and perused relevant material on record including documents placed in the paper-book. The facts on record would show that an assessment was framed for the year under consideration u/s 143(3) r.w.s. 147 on 17/02/2016 wherein the assessee was saddled with addition of unexplained cash credit u/s 68 for Rs.195 Lacs. The reassessment proceedings were triggered during the course of assessment proceedings for AY 2012-13, wherein it transpired that the assessee received huge share premium of Rs.195 Lacs during FY 2009-10 from 3 parties viz. (i) Avance Technologies Ltd.; (ii) Prabhav Industries Ltd.; (iii) Yantra Natural Resources Ltd. (earlier known as Ganesh Spinners Ltd.). 4.2 To examine the said receipts, the assessee was subjected to reassessment proceedings and a notice u/s 148 was issued on 10/04/2015. The statutory notices u/s 143(2) and 142(1) were issued as per due process of law in due course of time wherein the assessee was, M/s. Amirashmi Finstock Private Limited Assessment Years :2010-11 & 2011-12 inter-alia, directed to prove the identity as well as creditworthiness of the share applicants & also the genuineness of the transactions. 4.3 In response, the assessee filed various documents viz. Form-2- Return of Share allotment filed by the assessee with