Tribunal held that Photocopies of blank share transfer forms, blank signed receipts etc necessary for transfer of shares found with assessee are not admissible as evidence u/s 61 of Evidence Act and not incriminating in nature- All investors are assessed & have filed confirmations with trail of funds- AO did not make further inquiry into the documentary evidences or verify the trail of source of funds-Addition is held to be not justified . Decision in PCIT v. NRA iron and steel (2019) 103 taxmann.com 48(SC) and decision in NDR promoters private limited (2019) – TIOL – 172 (Delhi ) (HC) is considered.( ITA No. 3741to 3746/Del/2019 (assessee) ITA No. 5264 to 5269/Del/2019 (Revenue) , dt. 31.10.2019) (AY. 2012-13 to 2017-18)
Agson Global Pvt. Ltd. v. ACIT (2019) 76 ITR 504 (Delhi)(Trib),www.itatonline.org
S. 68 : Cash credits – Share capital – Share premium- Additional grounds -Photocopies of blank share transfer forms, blank signed receipts etc necessary for transfer of shares found with assessee are not admissible as evidence u/s 61 of Evidence Act and not incriminating in nature- All investors are assessed & have filed confirmations with trail of funds- AO did not make further inquiry into the documentary evidences or verify the trail of source of funds-Addition is held to be not justified . [ S.132(4) ,145A, 153A Evidence Act ,S.61 ].