Masineni Hotels Private Limited, Anantapur vs. ACIT, Circle-1, Anantapur
In the result, appeal filed by the assessee is allowed
ITA 346/HYD/2023[2016-17]Status: DisposedITAT Hyderabad30 Dec 2024AY 2016-17
Bench: Shri Manjunatha G. & Shri K. Narasimha Charyआ.अपी.सं /Ita No.346/Hyd/2023 (निर्धारण वर्ा/Assessment Year: 2016-17) Masineni Hotels Private Vs. Acit, Circle-1 Limited Anantpur Anantapur [Pan : Aahcm6211F] (Appellant) (Respondent) निर्धाररती द्वधरध/Assessee By: Mohd.Afzal, Ar रधजस् व द्वधरध/Revenue By:: Shri Srinath Sadanala, Dr सुिवधई की तधरीख/Date Of Hearing: 10/12/2024 घोर्णध की तधरीख/Date Of 30/12/2024 Pronouncement: आदेश / Order Per. Manjunatha G., A.M: This Appeal Filed By The Assessee Is Directed Against The Order Dated 16.05.2023 Of The Learned Commissioner Of Income Tax (Appeals) [Ld.Cit(A)], National Faceless Appeal Centre, Delhi, Pertaining To A.Y.2016-17 On The Following Grounds : 1. Under The Facts & Circumstances Of The Case The Learned Cit(A), Nfac, New Delhi Erred In Confirming The Addition Of Rs.2,35,48,000/- Being The Difference In The Share Capital, Share Application & Other Loan Subscribed / Given By Managing Director Shri M.Ramaiah U/S 68 Of The Income Of The Income Tax Act, 1961 (“The Act”), 1961 (The Act).
For Appellant: Mohd.Afzal, ARFor Respondent: : Shri Srinath Sadanala, DR
Section 68
…eir individual assessment in accordance with law, but sum received by the appellant company cannot be regarded as unexplained credit of the assessee. Similar view has been taken by the Hon'ble Supreme Court in the case of CIT Vs. Stellar Investment Ltd.[2001] 251 ITR 263 (SC), Hon’ble Bombay High Court in the case of CIT Vs. Creative World Telefilms Ltd.(supra) has considered similar issue and held that once the identity of the shareholder is established, then, the sum received by the appellant company from the shareholder cannot be regarded as unexplained income of the appellant company. The sum and substance of…
