Home
Forgot password New User/ Regiser Register to get Live Demo
2016 (2) TMI 985 - ITAT DELHIReceipt of accommodation entries - Held that:- In the case in hand it was not mere transfer of money by these share applicants to the assessee but the assessee has produced on record the board's resolution, share applicants form, copy of share transfer deeds and information from the Registrar of Companies in respect of the share applicants. It established the existence of real transaction of transfer of shares and, therefore, it rebuts the case of the Revenue of alleged accommodation entries. Once the assessee has established the existence of the transaction of transfer of shares against the received of share application money then the burden is shifted on the Assessing Officer to conduct the necessary enquiry and investigation to disapprove the evidence produced on record by the assessee. The Assessing Officer did not choose to conduct any enquiry or investigation during the assessment proceeding but relied upon the statement of Shi Mahesh Garg and the report of the Investigation Wing, therefore, the addition made by the Assessing Officer merely on the basis of a statement recorded by the Investigation Wing without any corroborative evidence and examination and cross-examination of the assessee is not sustainable. Therefore, no error or illegality in the order of the learned Commissioner of Income-tax (Appeals) in deleting the addition in question. - Decided in favour of assessee
|