The Pr. Commissioner of Income-tax-9 v. Vam-Hi-Fashion Garments Pvt. Ltd
[Citation -2017-LL-0704-8]
| Citation | 2017-LL-0704-8 |
|---|---|
| Appellant Name | The Pr. Commissioner of Income-tax-9 |
| Respondent Name | Vam-Hi-Fashion Garments Pvt. Ltd. |
| Court | HIGH COURT OF DELHI AT NEW DELHI |
| Relevant Act | Income-tax |
| Date of Order | 04/07/2017 |
| Assessment Year | 2010-11 |
| Judgment | View Judgment |
| Keyword Tags | issue of share • share capital • equity share |
| Bot Summary: | For the AY in question, one of the issues considered was the identity, genuineness and creditworthiness of the Investor, Mr. Suveer Arora, who purportedly purchased shares worth Rs. 3,10,00,000/- of the Assessee company, which constituted 24 of the equity share capital. In support of the above stand of the Assessee, the following documents were produced in the course of the assessment proceedings :- a. Confirmation from Mr. Suveer Arora b. Copy of PAN Card of Mr. Suveer Arora. d. Copy of Form No.2 regarding allotment of shares e. Copy of Passport of Mr. Suveer Arora f. Copy of Income Tax Return and assessment order passed u/s. The following two other documents were also considered by the CIT: g. Copy of letter dated 14th February 2013 during the assessment proceedings in the case of Mr. Suveer Arora in respect to issue of share capital to assessee. It must be pointed out that the assessment of Mr. Suveer Arora for the same AY was completed under Section 143(3) of the Act. In response to the query from the Court, Mr. Bhatia confirmed that the ITA 833/2016 Page 2 of 3 assessment order passed in the case of Mr. Suveer Arora under Section 143(3) of the Act was not re-opened by the Revenue by invoking Section 263 of the Act. In the circumstances, the mere fact that Mr. Suveer Arora was not produced by the Assessee before the AO for examination will not detract from the identity, genuineness and creditworthiness of the Investor. |