Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (5) TMI 1261 - AT - Income TaxAddition made u/s.68 - un-served notices issued u/s.133(6) - HELD THAT:- The assessee is not only provided all the relevant documentary evidences but even the Assessing Officer in the remand report mentioned that he personally inspected 9 out of those 10 disputed creditors, meaning thereby existence of these creditors are established. As decided in M/S. ORCHID INDUSTRIES PVT. LTD. [2017 (7) TMI 613 - BOMBAY HIGH COURT] assessee has produced on record the documents to establish the genuineness of the party such as PAN of all the creditors along with the confirmation, their bank statements showing payment of share application money. It was also observed by the Tribunal that the Assessee has also produced the entire record regarding issuance of shares i.e. allotment of shares to these parties, their share application forms, allotment letters and share certificates, so also the books of account. The balance sheet and profit and loss account of these persons discloses that these persons had sufficient funds in their accounts for investing in the shares of the Assessee. In view of these voluminous documentary evidence, only because those persons had not appeared before the Assessing Officer would not negate the case of the Assessee. See ORISSA CORPORATION PVT. LIMITED [1986 (3) TMI 3 - SUPREME COURT] and M/S. GAGANDEEP INFRASTRUCTURE PVT. LTD. [2017 (3) TMI 1263 - BOMBAY HIGH COURT] - Decided in favour of assessee.
|