{"id":216555,"date":"2019-07-05T22:50:31","date_gmt":"2019-07-05T17:20:31","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=216555"},"modified":"2019-07-05T22:50:31","modified_gmt":"2019-07-05T17:20:31","slug":"itat-assessee-must-be-given-adequate-opportunity-to-prove-the-receipt-of-share-capital-premium","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/07\/05\/itat-assessee-must-be-given-adequate-opportunity-to-prove-the-receipt-of-share-capital-premium\/","title":{"rendered":"ITAT| Assessee must be given adequate opportunity to prove the receipt of share capital\/premium"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Income Tax Appellate Tribunal, Delhi (ITAT):\u00a0 <\/strong>In a case related to bogus Share Capital\/Premium, the Accountant Member RK Panda took note of the fact that the Supreme Court verdict in <a href=\"http:\/\/scconline.com\/DocumentLink\/B8DNd00C\">PCIT vs. NRA Iron &amp; Steel (P) Ltd., 2019 SCC Online SC 311<\/a> was pronounced subsequently wherein it was held,<\/p>\n<blockquote>\n<p style=\"text-align: justify;\">\u201cThe practice of conversion of un-accounted money through the cloak of Share Capital\/Premium must be subjected to careful scrutiny. This would be particularly so in the case of private placement of shares, where a higher onus is required to be placed on the Assessee since the information is within the personal knowledge of the Assessee. The Assessee is under a legal obligation to prove the receipt of share capital\/premium to the satisfaction of the AO, failure of which, would justify addition of the said amount to the income of the Assessee.\u201d<\/p>\n<\/blockquote>\n<p style=\"text-align: justify;\">In the present case,<\/p>\n<ul style=\"text-align: justify;\">\n<li>The case of the assessee was reopened by issue of notice u\/s 148 on 27th March, 2014, after recording reasons for issue of notice and after obtaining the approval from the Addl. CIT u\/s 151 of the IT Act. The reason for such reopening was on account of accepting of accommodation entry of Rs. 10 Lakhs by the assessee company from two companies.<\/li>\n<li>The Assessing Officer asked the assessee to substantiate such accommodation entry of Rs.10 lakhs. Since there was no compliance from the side of the assessee to his satisfaction, the Assessing Officer made addition of Rs.10 lakhs being the amount received as share capital not proved and invoking the provisions of section 68 of the IT Act, the Assessing Officer treated the same as income of the assessee.<\/li>\n<li>In appeal, the CIT(A) not only sustained the addition so made by the Assessing Officer, but, further enhanced the same by Rs.20,000\/- being the amount incurred by the assessee for arranging such bogus share capital.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Aggrieved by the said order of CIT(A), the assessee appealed before ITAT and argued that CIT(A) has not given effective opportunity to the assessee to substantiate his case. Advocate Swarnendu Chatterjee argued that no enhancement notice was given for enhancing the income of the assessee.<\/p>\n<p style=\"text-align: justify;\">The Court noticed that Supreme Court verdict in <a href=\"http:\/\/scconline.com\/DocumentLink\/B8DNd00C\">PCIT vs. NRA Iron &amp; Steel (P) Ltd., 2019 SCC Online SC 311<\/a> was pronounced subsequently wherein it was held,<\/p>\n<blockquote>\n<p style=\"text-align: justify;\">\u201ci. The assessee is under a legal obligation to prove the genuineness of the transaction, the identity of the creditors, and credit-worthiness of the investors who should have the financial capacity to make the investment in question, to the satisfaction of the AO, so as to discharge the primary onus.<\/p>\n<p style=\"text-align: justify;\">ii. The Assessing Officer is duty bound to investigate the credit-worthiness of the creditor\/subscriber, verify the identity of the subscribers, and ascertain whether the transaction is genuine, or these are bogus entries of name-lenders.<\/p>\n<p style=\"text-align: justify;\">iii. If the enquiries and investigations reveal that the identity of the creditors to be dubious or doubtful, or lack credit-worthiness, then the genuineness of the transaction would not be established.\u201d<\/p>\n<\/blockquote>\n<p style=\"text-align: justify;\">Noticing that the ld.CIT(A) shall decide the issue as per fact and law, after giving due opportunity of being heard to the assessee, it was held that <span style=\"color: #ff0000;\"><em>the issue be restored to the file of the CIT(A) with a direction to give one more opportunity to the assessee to substantiate its case<\/em><\/span>.<\/p>\n<p style=\"text-align: justify;\">[Shivalik Cotex Ltd. v. ITO, ITA No.5819\/Del\/2018, decided on 01.07.2019]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Income Tax Appellate Tribunal, Delhi (ITAT):\u00a0 In a case related to bogus Share Capital\/Premium, the Accountant Member RK Panda took note of <\/p>\n","protected":false},"author":121,"featured_media":170804,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[31394,36472,36473,22004,36471],"class_list":["post-216555","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-assessing-officer","tag-bogus-share-capital","tag-income-of-the-assessee","tag-onus","tag-share-capital"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ 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ITAT explains","author":"Editor","date":"August 18, 2020","format":false,"excerpt":"Income Tax Appellate Tribunal, Hyderabad: Dealing with the issue on accommodation entries and bogus purchases, the Tribunal has said that the entire purchase cannot be treated as a bogus purchase when there is evidence to establish that the payment was carried out through banking channels. The Assessee, in the present\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Income Tax Appellate Tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/11\/ITAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/11\/ITAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/11\/ITAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/11\/ITAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/11\/ITAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":291581,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/05\/08\/itat-directs-assessing-officer-to-charge-gross-profit-rate-of-6-5-percent-on-bogus-purchases-legal-news\/","url_meta":{"origin":216555,"position":1},"title":"Income Tax Appellate Tribunal directs Assessing Officer to charge assessee at gross profit rate of 6.5% on bogus purchases","author":"Apoorva","date":"May 8, 2023","format":false,"excerpt":"ITAT said that the entire addition has been made by the AO as well as CIT based on guess work and estimation based on some alleged information received from Sales Tax Department of Maharashtra and from DGIT that \u201cthe assessee has taken bogus purchase bills without having taken any delivery\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Income Tax Appellate Tribunal (ITAT)","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-494.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-494.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-494.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-494.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":360158,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/09\/15\/itat-on-clubbing-assessees-income-with-minor-daughters-share\/","url_meta":{"origin":216555,"position":2},"title":"Assessee\u2019s income for tax assessment cannot be clubbed with minor daughter\u2019s share of sale proceeds, deposited as per Court\u2019s order: ITAT","author":"Ekta","date":"September 15, 2025","format":false,"excerpt":"The assessee deposited 50% minor daughter\u2019s share in the nationalized bank. Further, the assessee accounted his 50% share and offered the same as capital gain with the deduction of claim under Section 54 of the Income Tax Act, 1961.","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"clubbing assessee's income with minor daughter's share","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/09\/clubbing-assessees-income-with-minor-daughters-share.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/09\/clubbing-assessees-income-with-minor-daughters-share.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/09\/clubbing-assessees-income-with-minor-daughters-share.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/09\/clubbing-assessees-income-with-minor-daughters-share.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":271991,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/20\/bogus-parties-and-dubious-transactions-read-itats-observations-on-a-matter-concerning-non-existent-lenders\/","url_meta":{"origin":216555,"position":3},"title":"Bogus Parties and Dubious Transactions- Read ITAT&#8217;s observations on a matter concerning &#8220;non-existent lenders&#8221;","author":"Editor","date":"August 20, 2022","format":false,"excerpt":"Income Tax Appellate Tribunal (ITAT), New Delhi: While deciding the instant appeal pertaining to the Assessment Year 2015-16 where the Revenue challenged the decision of CIT(A) for deleting the addition of Rs 4,33,18,870 made on account of unsecured loan under Section 68 of the Income Tax Act, 1961, the Bench\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Income Tax Appellate Tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/11\/ITAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/11\/ITAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/11\/ITAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/11\/ITAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/11\/ITAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":357207,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/08\/21\/bom-hc-vintage-car-sale-taxable-as-capital-gains\/","url_meta":{"origin":216555,"position":4},"title":"Capital gains tax applies to vintage car sale when no evidence of personal use is adduced: Bombay High Court","author":"Editor","date":"August 21, 2025","format":false,"excerpt":"\u201cCapability of a car for personal use would not ipso facto lead to automatic presumption that every car would be personal effects for being excluded from capital assets of the Assessee.\u201d","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"vintage car sale taxable","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/vintage-car-sale-taxable.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/vintage-car-sale-taxable.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/vintage-car-sale-taxable.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/vintage-car-sale-taxable.webp?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/vintage-car-sale-taxable.webp?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/vintage-car-sale-taxable.webp?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":295622,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/06\/29\/factors-considering-transaction-stock-in-trade-sale-of-capital-assets-itat-sc\/","url_meta":{"origin":216555,"position":5},"title":"Transaction doesn\u2019t become stock in trade merely based on recording of inventory in books of accounts; SC asks ITAT to consider relevant factors afresh","author":"Apoorva","date":"June 29, 2023","format":false,"excerpt":"Supreme Court reiterated that to examine whether a particular transaction is sale of capital assets or business expense, multiple factors like frequency of trade and volume of trade, nature of transaction over the years etc., are required to be examined.","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"sale of capital assets","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sale-of-capital-assets.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sale-of-capital-assets.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sale-of-capital-assets.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sale-of-capital-assets.webp?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/216555","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/121"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=216555"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/216555\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/170804"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=216555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=216555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=216555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}