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2023 (1) TMI 408 - AT - Income TaxAddition u/s 68 - creditworthiness of the transactions not proved - summon issued u/s 131 to director in the assessee company as well as the 12 allottee companies - CIT-A deleted the addition - HELD THAT:- It is an admitted fact that Shri Sudhir Satnaliwala is a director common in the assessee company as well as the 12 allottee companies along with other family members. He appeared before the Ld. AO in response to summon issued u/s 131 of the Act and complied with all the required details and documentation. Assessment of Shri Sudhir Satnaliwala for AY 2012-13 has been completed without any adverse observation and addition, u/s 143(3) of the Act. Financial statements of Shri Sudhir Satnaliwala were on record which has been accepted in his assessment wherein transaction relating to taking of secured loans from HDFC Bank and Aditya Birla Finance Ltd and giving of security deposits to the 12 allottee companies for securing the lease arrangement in respect of 12 dwelling units from the 12 allottee companies, has been duly reported. We also note that in the paper book all the documents pertaining to share capital transaction with all the 12 allottee companies are placed on record. Thus investment made by the 12 allottee companies has been duly established with corroborative evidence is on record, more particularly when the concerned Assessing Officer in the assessment order of Shri Sudhir Satnaliwala (common director for all) passed under section 143(3) of the Act, has accepted the same, we do not find any reason to interfere with the facts-based finding given by the Ld. CIT(A). Appeal of the Revenue is dismissed.
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