Bini Builders P. Ltd., Mumbai vs Dy Cit-Cc-7(3), Mumbai on 28 April, 2022
8. The matter of controversy basically has been adjudicated in the
assessee's own case for the A.Ys. 2011-12 & 2012-13 mentioned above.
Anyhow, three necessary ingredients is liable to be proved on behalf of the
assessee i.e. Identity of the shareholder, Genuineness of the transaction &
Credit worthiness of the shareholder. The assessee has given the address,
PAN, certificate of incorporation, Memorandum and Articles of
Association of the above subscriber who have subscribed to the shares. To
prove the creditworthiness of the subscribers, the appellant has submitted
the certificate of source of fund, balance-sheet, Profit & Loss A/c and
Return of income of share applicants. To prove the Genuineness of above
share transaction, appellant has submitted, Copy of Cheque, Copy of
Cheque Deposit Slip, Copy of Bank Statement of M/s. Moongipa, Copy of
Share Certificate Counterfoil, Copy of Extract of Minutes of BOD Meeting,
Copy of source of Funds Certificate, Copy of ITR Acknowledgement, Copy
of Audit Report along with Balance-Sheet, Copy of Certificate of
Incorporation, Copy of Memorandum & Articles of Association &
Company Master Data showing status active. The facts of the present case
are quite identical to the facts of the assessee's own case and other sister
concern cases i.e. M/s. Shiva Shakti Enclaves Pvt. Ltd. Vs. DCIT
Central Range-7(3). ITA.