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2015 (4) TMI 432 - ITAT DELHI

2015 (4) TMI 432 - ITAT DELHI - TMI - Disallowance of payment made to third partly by cheque - addition u/s 68 for payment made before incorporation of company - Held that:- There is a confusion about the date of payment and incorporation of the assessee company. As per facts undisputed and admitted by both the parties it is held that the assessee company was incorporated on 5.12.2006 and the legal existence of assessee company can only be considered from the date of incorporation i.e. 5.12.2006 .....

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d Shri C.M.Garg JJ. For the Appellant : Sh. Salil Kapoor, Sanat Kumar, Adv. For the Respondent : Mrs. Anuradha Mishra, CIT DR ORDER Per C.M.Garg, JUDICIAL MEMBER : This appeal has been preferred by the Assessee against the order of the Commissioner of Income Tax (Appeals) - II New Delhi dated 11/03/2013 in appeal no. 324/ 09-10 for A.Y. 2007- 08. 2. The Ld Counsel of the assessee at the very outset submitted that the assessee does not want to press legal ground 1 to 5 and therefore these grounds .....

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he Ld. Counsel of the assessee submitted that the CIT(A) in view of facts and circumstances of the case has erred in upholding the addition of ₹ 10,00,000/- made by the AO on account of payment made to a third party by cheque. The Ld Counsel vehemently contended that the CIT(A) confirmed the addition without considering rather ignoring the various submissions and evidence on record which was submitted by the assessee. The Ld. Counsel vehemently contended that in any case no addition can be .....

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ce on record. The Ld. Counsel further, pointed out that the assessee gave proper explanation, evidence and material on record to justify that the impugned payment was made on 23.10.2006 by M/s B.L.Kashyap and Sons Ltd. and the assessee company was incorporated and came into existence on 5.12.2006. Therefore, the assessee company cannot be held responsible for making payments of this impugned amount of 10,00,000/- and thus addition u/s 68 of the Act cannot be made in the hands of assessee. 4. Rep .....

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file of AO for limited verification. Placing rejoinder to the above contentions to the revenue the Ld. Counsel of the assessee submitted that as per evidence and material submitted by the assessee before the authorities below it is ample clear that the impugned payment was made by M/s B.L.Lashyap and Sons Ltd. on 23.10.2006 as advance against purchase of a property to the owner and subsequently the same property was purchased by the assessee company during the financial year 2007-08 pertaining .....

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again. 5. On careful consideration on above submission at the very outset we note that there is a confusion about the date of payment and incorporation of the assessee company. As per facts undisputed and admitted by both the parties it is held that the assessee company was incorporated on 5.12.2006 and the legal existence of assessee company can only be considered from the date of incorporation i.e. 5.12.2006. The Ld. Counsel of the assessee as well as Ld. DR is also agreed that the impugned pa .....

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