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2018 (1) TMI 316 - AT - Income TaxRevision u/s 263 - Held that:- In the present case it has not been stated that any such other incriminating documents is relied upon by the ld CIT. in the present case no relationship was also established as stated in para No. 23(d) of that decision. Further, as stated in para No. 23(g) of that decision, that the AO did not examine a single director of the assessee company or of the subscribing company, but in the present case directors of the subscribing company were examined and they confirmed the facts. Further, the amount of investment in share by those companies looking to the project of the company was also not found to be a plain lie. There is no allegation in the present case of money laundering also. In that case on the facts, it was held to be a case of “inadequate enquiry‟ as the ld Assessing Officer did not hold requisite investigation except for calling for the records. In the present case, the ld Assessing Officer has made the due enquiry by examining the directors of the subscribing companies. Therefore, in the present case the ld Assessing Officer also examined the persons behind the company who take the decisions, controlled and managed them. On such examination also the fact of confirmation of investment was reiterated. Therefore, in view of the above distinguishing facts, the reliance by the ld DR on the decision of the Hon'ble Calcutta High Court does not in case of Rajmandir Estates Pvt. Ltd Vs. CIT [2016 (5) TMI 801 - CALCUTTA HIGH COURT] help the case of Revenue. For the reasons given herein above we quash the order of the ld CIT passed u/s 263 of the Act on 17.02.2017. - Decided in favour of assessee.
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