2012 (2) TMI 189 - AT - Income Tax

Share Capital from Undisclosed Sources - Notice under 133(6) returned unserved - No Directors produced nor the books of account - Investigating report: Entities engaged in providing entries no actual business carried on - Held That:- The addition could not sustain as the primary onus was discharged by the appellant by producing PAN number, bank account, copies of income tax returns of the share applicants, etc. - Assessing Officer was influenced by the information received by the Investigating Wing and on the general modus operandi, whether such modus operandi existed in the present case or not was not investigated by the Assessing Officer. AO is mistaken in question assessee for source of receipt of application money such enquiries should have been made to M/s Diamond Protein Ltd.