Tribunal held that the assessee had submitted a valuation report during the assessment proceeding for charging the premium but it had neither been mentioned nor controverted in the assessment order by the Assessing Officer. If the Assessing Officer had any doubts regarding the source of investment of the subscribers, he could have examined the bank accounts from where the investment was routed. The Assessing Officer was duty bound to investigate the creditworthiness of the creditors and subscribers, verify the identity of the subscribers and ascertain whether the transaction was genuine or were bogus entries of name lenders. But this was not properly done. Hence, the findings of the Commissioner (Appeals) warranted no interference. (AY.2009-10)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 68 : Cash credits-Share premium-Valuation report was filed- Assessing Officer failing to examine bank accounts from where investment routed to investigate creditworthiness of creditors, identity of subscribers and genuineness of transaction-Deletion of addition is held to be justified. <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-14978","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3TA","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14978","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=14978"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14978\/revisions"}],"predecessor-version":[{"id":14979,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14978\/revisions\/14979"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=14978"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=14978"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=14978"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}