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Commissioner Versus Diamond Proteins P. Ltd.

2015 (4) TMI 879 - DELHI HIGH COURT

Unexplained investments - addition u/s 69C deleted by ITAT - Held that:- Since the substantial amounts to the extent of ₹ 45 lakhs were explained by the assessee, the view of the ITAT reversing the remission to the extent of ₹ 10,63,000/- cannot, in the circumstances of the case, be deemed to be unexplained. In any event, even if this Court were to entertain the said matter, so far as the small denomination demand drafts of ₹ 19,500/- are concerned, the total amount on that acc .....

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referred to as "the Act"), directed against the order of the Income Tax Appellate Tribunal (ITAT) dated 24.09.2014 in ITA 643/Del/2012 and CO No.97/Del/2013 is whether the direction to cancel the addition of ₹ 55,02,380/- made by the Assessing Officer (AO) was valid in the circumstances of the case. 2. The assessee - which engages itself in the business of trading in books and machines had filed a NIL return for A.Y. 2003-04 after adjusting carried forward unabsorbed depreciation .....

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ch was in the form of small denomination drafts of ₹ 19,500/- received as share application money to be invested with one M/s. K.C. Fibres Limited. The assessee's appeal was accepted in part in that the sum of ₹ 55,02,380/- directed to be added by the AO was cancelled. 3. The Revenue's appeal was rejected by the ITAT which also, in addition, accepted the assessee's cross-objections as to the sum of ₹ 10,63,000/-. 4. It is argued that the reasons which persuaded the .....

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TAT. The records would reveal that the assessee had received that sum - firstly a sum of ₹ 22,50,000/- on account of sale of its factory; ₹ 7,50,000/- as loan from M/s. Swarnim Credit and Holding Ltd.; ₹ 25,02,380/- was on account of sale of books etc. Of these amounts, the assessee advanced ₹ 16 lakhs to M/s. Swarnim Investment and Finance Pvt. Ltd. and ₹ 39 lakhs as share application money in M/s. K.C. Fibres Ltd. The cheques towards consideration of ₹ 22,50 .....

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