ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1, GUWAHATI vs. M/S. PAWAN CEMENT COMPANY PRIVATE LIMITED, GUWAHATI

In the result, both the appeals filed by the Revenue for AY

Bench: Sri Rajpal Yadav(Kz) & Dr. Manish Borad

47 contains the reasons of retraction about the statement given for the alleged bogus share capital and share premium thereby stating that the share capital and share premium received by the assessee were genuine. Now, apart from this statement dated 31.08.2016 which was retracted on 05.09.2016, ld. AO while concluding the assessment proceedings and making the addition in the hands