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12. However, assessing officer rejected the contention of the assessee and stated that assessee company has failed to prove creditworthiness, genuineness, ITA Nos.167 & 91/Rjt/23 (AY 17-18) identity of the share subscribers, therefore, assessing officer made addition to the tune of Rs. 49,50,00,000/-.

13.Aggrieved by the order of the assessing officer, the assessee carried the matter in appeal before Ld. CIT(A), who has deleted the addition made by the assessing officer. The Ld CIT(A) observed that assessing officer was wrong in making additions u/s,68 of the Act,to the tune of Rs.49,50,00,000/-, being on account of entire share capital subscription, through public issue (IPO), holding that it was bogus subscription and also related to applicability of provisions of Section 115BBE of the Act. The ld CIT(A) noted thatassessee- company made public issue on BSE- SME Platform andthe undisputed facts of the case are that IPO was sanctioned by Bombay stock exchange( in brief 'BSE') and Securities Exchange Board of India (SEBI), after due compliances made by assessee. The said issue was opened on 16/09/2016, and closed on 20/09/2016 and issue was subscribed by 1.05 times. The entire public issue was monitored under the ASBA scheme. The Shares were issued in DEMAT form and payment was received through Banking channels. The ld CIT(A) noted that assessing officer has treated entire such share capital received by assessee, as bogus mainly on following grounds:

15. The ld CIT(A) also mentioned in his decision, the ASBA process (Application Supported by Blocked Amount) as under:

(a) A Resident Retail Individual Investor shall submit his Application through an Application Form, either in physical or electronic mode, to the SCSB (Self-

certified Syndicate bank) with whom the bank account of the ASBA Applicant or bank account utilized by the ASBA Applicant ("ASBA Account") is maintained. The SCSB shall block an amount equal to the Application Amount in the bank account specified in the ASBA Application Form, physical or electronic, on the basis of an authorization to this effect given by the account holder at the time of submitting the Application.

(b) The Application Amount shall remain blocked in the aforesaid ASBA Account until finalization of the basis of Allotment in the issue and consequent ITA Nos.167 & 91/Rjt/23 (AY 17-18) transfer of the Application Amount, against the allocated shares to the ASBA Public Issue Account, or until withdrawal/failure of the Issue or until withdrawal/rejection of the ASBA Application, as the case may be.

(c) The ASBA data shall thereafter be uploaded by the SCSB in the electronic IPO system of the Stock Exchange. Once the Basis of Allotment is finalized, the Registrar to the issue shall send an appropriate request to the Controlling Branch of the SCSB for unblocking the relevant bank accounts and for transferring the amount allocable to the successful ASBA Applicants to the ASBA Public Issue Account. In case of withdrawal/failure of the Issue, the blocked amount shall be unblocked on receipt of such information from the Lead Manager.

(d) ASBA Applicants are required to submit their applications, either in physical or electronic mode. In case of application in physical mode, the ASBA Applicant shall submit the ASBA Application Form at the Designated Branch of the SCSB or Registered Brokers or Registered RTA's or DPsregistered with SEBI. In case of application in electronic form, the ASBA Applicant shall submit the Application Form either through the internet banking facility available with the SCSB, or such other electronically enabled mechanism for applying and blocking funds in the ASBA account held with SCSB, and accordingly registering such Applications.