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1. Addition of Rs. 22,10,000/- made by the A.O. U/s 68 of the Act. In thecaseof PCIT vs. Hi-Tech Residency Pvt. Ltd. (2018) 257 Taxman 335, Hon’ble Supreme Court has considered identical issue and held that where an assessee company had discharged the onus of establishing identity, genuineness of transaction and creditworthiness of investors, no additions could be made u/s. 68 of the I.T. Act, 1961 we are of the considered view that the assessee has discharged its initial onus to prove identity, genuineness of transactions and creditworthiness of the parties by filing various documents. The AO, without carrying out further inquiries in order to ascertain the claim of the assessee, jumped into conclusion on the basis of financial statements of the subscribers that none of them had enough source of income to establish creditworthiness. Therefore, we are of the view that the AO was erred in making additions towards share capital u/s 68 of the Income Tax Act, 1961. The learned CIT(A) without appreciating relevant facts has confirmed additions made by the AO towards share capital u/s 68 of the Income Tax Act, 1961. Hence, we reverse findings of ld. CIT(A) and direct the AO to delete the additions made towards share capital u/s. 68 of the Income Tax Act, 1961. 2. Addition of Rs. 16,575/- made by the A.O. being alleged unexplained expenditure @ 0.75% on aforesaid alleged capital introduced of Rs. 22,10,000/-. since,additions madetowards share capitalhave been deleted ,direct the AO to delete additions made towards commission estimation. 3. Disallowance made by the A.O. u/s 14A of the Act read with Rule 8D of the IT Rules, 1962..towards disallowances of expenditure incurred in relation to exempt income. As no incriminating material was referred by the A.O. while making addition U/s 14A of the Act. As the facts and circumstances during the year under consideration are same, respectfully following the order of the Tribunal in the groupcase, we do not find any merit for the addition made u/s.14A of th

Shanti Prime Publication Pvt. Ltd.

Sec. 68 & 153A of Income Tax Act, 1961— Assessment — Assessee filed appeal against the order of assessment. Tribunal found that while framing assessment U/s 153A r.w.s 143(3) of the Act. The A.O. has made disallowance U/s 14A of the Act. However, no incriminating material was referred by the A.O. while making addition U/s 14A of the Act. This issue has also been dealt with by the Tribunal kin the group cases as stated and after observing that in absence of any incriminating material, no addition can be made in respect of the assessment which become final and no proceeding is pending as on the date of search. In the Tribunal order also as stated above, search was also taken on 24/09/2013 and with reference to the very same search, the A.O. as made disallowance U/s 14A of the Act. As the facts and circumstances during the year under consideration were same, respectfully following the order of the Tribunal in the group case, do not find any merit for the addition made u/s.14A of the IT Act. Appeal of the assessee was allowed. --- RUKMANI AGENCIES PRIVATE LIMITED vs. Deputy CIT. [2020] 23 ITCD Online 75 (MUM)