9911796707
TMI Blog2015 (6) TMI 52X X X X Extracts X X X X X X X X Extracts X X X X ..... eceived money from 3 companies, wherein she was major shareholder. The details of amount received and pattern of her shareholding were as under:- Sr. No. Name of the Company Amount Received % of Shares 1 M/s. Exim Multi Media P. Ltd. Rs.68,00,000 50 2 M/s. Edge Fine Print P. Ltd. Rs,9,00,000 13.33 3 M/s. Shipping Times (I) P. Ltd. Rs.24,00,000 50 Total Rs.1,01,00,000 In response to the show cause notice by the AO, as to why this amount should not be taxed as deemed dividend u/s 2(22)(e), the assessee submitted that these amounts have been received towards deposits for the premises used by these concerns for their business. The AO further require to furnish documentary evidences like lease agreement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eviable. He also held that the assessee had not furnished proper particulars of income and assessee's claim have been held to be incorrect. After referring to catena of case laws he levied the penalty of Rs. 33,99,660/-. 5. Before the Ld. CIT(A), the assessee gave detail submissions along with the evidence of bank payment voucher which was issued by the bank for the deposits received by the assessee. It was also pointed out that in the quantum proceedings, this primary evidence which substantiates the assessee's claim was not considered at all. The assessee has even filed Miscellaneous Application before the Tribunal to highlight this fact that these evidences were filed and referred before the Tribunal but has not been dealt upon and ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat these properties were not let out in the earlier years and only this year the property was given to these companies. Further the appeal u/s 260A has been filed before the Hon'ble Bombay High Court against the order of the Tribunal and the same has been admitted by the Hon'ble High Court on substantial question of law. The property in questions were commercial properties which were given to the 3 concerns for their office purpose. Therefore, any deposits received in lieu is nothing but for the letting of the properties. After referring to the decision of Hon'ble Supreme Court in the case of CIT Vs. Reliance Petro Products P. Ltd. reported in (2010) 322 TTR 158, he deleted the penalty. 7. Before us, the Ld. DR strongly relied upon the or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aterial placed on record. It is an undisputed fact that assessee is major shareholder in M/s. Exim Multi Media P. Ltd.; M/s. Edge Fine Print P. Ltd. and M/s. Shipping Times (I) Pvt. Ltd. From these companies, the assessee has received money for sums aggregating Rs. 1,01,00,000/- which has been contended to be in the form of refundable security deposits for letting the properties owned by the assessee to these companies for their business purpose. List of properties owned by the assessee and given for use to these company were filed before the authorities during the quantum proceedings. Along with these details, the assessee had also filed internal bank payment voucher by these companies which show that amount has been given as "deposit" for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of concealment of income or furnishing of inaccurate particulars of income. The assessee may adduce fresh evidence in the penalty proceedings to establish that the material and relevant facts goes to prove the bona fide of the claim or take a different plea upon the same existing material that there is no concealment of income or furnishing of inaccurate particulars. The degree of proof necessary under the Explanation-1 to section 271(1)(c) can be discharged by the assessee by pointing out the factors and the material in his favour, because explanation merely raises a rebuttal presumption to which assessee can always discharge his onus by pointing out the factors relating to pre-ponderence of probability. Here in this case, the assessee's ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
