TMI Blog2012 (5) TMI 103X X X X Extracts X X X X X X X X Extracts X X X X ..... s evidence from the assessment orders of Welcome Coir Industries Limited placed in the paper book. - Decided against the revenue. - INCOME TAX APPEAL No. - 487 of 2012, 35 of 2012, 36 of 2012 - - - Dated:- 5-4-2012 - Ashok Bhushan, Prakash Krishna, JJ. Petitioner Counsel :- Shambhu Chopra, Sr. S.C. These nine Income Tax Appeals have been preferred by the Revenue against a common judgment and order passed by the Income Tax Appellate Tribunal in connected appeals. The dispute relates to the various assessment years 2003-2004 to 2005-2006 in the case of M/s. LDK Share and Securities (P) Ltd., 2003-2004 to 2008-2009 in the case of M/s. LDK Builders (P) Ltd. The learned standing counsel for the department states that identi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as centralized and was made under section 253A read with section 143(3) of the Act. During the assessment proceeding, the Assessing Officer noticed that in the account books of the assessee certain deposits as loan during the assessment year and receipt of certain amounts of share application money were disclosed. An explanation was called from the assessee. The explanation furnished by the assessee was found not sufficient in view of the affidavit dated 30.9.2009 of one Shri Anil Gupta who was the Director in the company Welcome Coir Industries Ltd. He had stated that, in fact, no share application money or loan was given by Welcome Coir Industries Ltd. to the assessee. He stated that the above two companies are of Kesarwani group and in f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is an affidavit. A bare perusal of the said document which has been filed as Annexure-2 would show that it is in the form of a letter written by Shri Anil Kumar Gupta claiming himself as former Director of Welcome Coir Industries Ltd. to the Deputy Commissioner of Income-tax, Central Circle, Agra. The said document is in the form of a letter and it cannot be treated as an affidavit. It was not sworn before any authority such as notary/oath commissioner. There is no verification clause. Nor Shri Anil Kumar Gupta has been identified by any person. It is true that it bears a seal of notary, Government of India and is on a non judicial stamp paper of Rs.20/- but is not an affidavit in the eyes of law. It has come on record that the content ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aced on record that the search and seizure operation was carried out by the department on 30th of January, 2008 and no incriminating material in that search and seizure operation was found relating to the assessee company. This is a case where the assessee company has discharged the burden by disclosing the identity of the depositors/share applicants, their source of investment and their creditworthiness. No attempt was made to show that the findings recorded by the two authorities below in this regard are in any manner perverse or illegal. The findings are based on appreciation of evidence. The relevant findings of the Tribunal are reproduced below:- "The identity of Welcome Coir Industries Limited stands proved from the fact that it i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the bank account of Welcome Coir Industries Limited as its unexplained investment vide assessment orders placed at pages 170 to 178 of the paper book in the case of LDK Shares Securities (P) Limited. xx xx xx xx xx xx xx xx xx xx xx xx xx xx xx xx xx xx xx xx The amount invested by the share holder company is duly appearing in its audited balance sheets of various years as Investment in unquoted equity shares and such balance sheets were also signed by the directors of the said shareholder company including Mr. Anil Kumar Gupta. Investment made by the said shareholder company was through the bank account of the said company maintained at Agra by the said company. Amount invested by the said shareholder company was out of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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