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2014 (11) TMI 1120 - ITAT DELHIAssumption of jurisdiction u/s 153C - satisfaction note - Held that:- CIT(A) correctly upheld the assumption of jurisdiction following the order of the coordinate bench in the case of Piyush Infrastructure Pvt. Ltd. for A.Y. 2008-09 [2012 (10) TMI 1033 - ITAT DELHI] wherein it was held that satisfaction was duly recorded u/s 153C of the Act on the basis of the documents seized and noted in the order of assessment.- Decided against assessee. Addition of share capital received by the assessee company - Held that:- We find that in the instant case, share capital was received from Sh. Arun Bansal and Vijay Gupta of ₹ 50,000/- each aggregating to ₹ 1 lakh. Pursuant to the search on 21/02/2008, Sh. Arun Bansal categorically asserted that he was merely a name lender and no amount was actually invested by him, no confirmation or any other evidence has been placed on record to discharge the burden. The contention that said person was subscriber to the memorandum of Association has been correctly rejected by the AO, by observing that said subscription only shows the desire to make investment, but does not confirm investment. - Decided against assessee.
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