On appeal by the revenue the Court held that the Tribunal’s findings, were not adequately supported by factual analysis or reasons, especially when the Assessing Officer had found that the assessee, being a private limited company, failed to produce directors of the subscribing companies or offer a credible explanation of the sources of funds received as share application money and premium. The order of the Tribunal was set aside and the matter was remanded to the Tribunal for fresh consideration and pass a reasoned order.(AY. 2012-13)