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Income-Tax Officer, Ward 12 (2) , New Delhi Versus Goel Sons Golden Estates Pvt. Ltd., Delhi

2011 (8) TMI 1187 - ITAT DELHI

Addition u/s 68 - Held that:- The requirement of law under section 68 in the case of capital contribution is that the identity of the contributor is required to be established by the assessee. The identity is not under challenge at all. Therefore, we are of the view that the ld. CIT(Appeals) rightly deleted the addition. - ITA No. 4152(Del)/2010 - Dated:- 5-8-2011 - C. L. Sethi (Judicial Member) And K. G. Bansal (Accountant Member) For the Petitioner : Salil Mishra For the Respondent : Rakesh Gu .....

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pany was incorporated on 16.01.2004 for carrying on the business of real estate. The return for this year was filed on 30.06.2006 declaring total income of ₹ 12,770/- and adjusted book profit of ₹ 2,29,924/- u/s 115JB. The return was processed u/s 143(1) and thereafter statutory notices were issued for scrutinizing it. 1.2 It appears that Investigation Wing of the Income-tax Department had carried out investigation and statedly unearthed a huge money laundering operation. The informa .....

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was further deposed that he does not remember the amount of capital of M/s Onyx Exim Pvt. Ltd. and M/s Shimmers Market P. Ltd. Based upon this information, the AO scrutinized the return and found that the assessee received money by way of share capital from M/s Shimmers Market P. Ltd.- ₹ 5.00 lakh; Kohinoor Oils Mills Ltd.- ₹ 10.00 lakh; Puri Milk & Food Ltd.- ₹ 5.00 lakh; Onyx Exim Pvt. Ltd.- ₹ 5.00 lakh and Rapid Impex P. Ltd.- ₹ 5.00 lakh, totaling to ₹ .....

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s in respect of all these companies, which contain confirmation, PAN, assessment details, affidavit, bank statement, acknowledgement and balance-sheet. These companies also forwarded their replies through post to the AO in the form of confirmation and affidavit. The confirmation and the affidavit have been identically worded and the contents of addition by way of handwriting in the confirmation letter is also the same. It is inter-alia mentioned that various details have already been submitted t .....

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osed it off on 29.07.2010 in appeal no. 239/08-09. He came to the conclusion that no evidence has been brought on record by the AO to prove that the money representing contribution flowed from the coffers of the assessee-company. The assessee has filed sufficient evidence to establish the identity of the contributors. No attempt has been made by the AO to bring evidence on record that contributors were not creditworthy or the transactions were non-genuine. Therefore, the addition has been delete .....

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tributing companies were not /produced for cross-examination. Addition could not have been made on this ground. In this connection, reliance has been placed on various decisions of the High Court and the Tribunal, copies of which have been placed in the paper book from page nos. 87 to 173, which are as under:- S. No. Particulars 1. CIT Vs. Dwarkadhish Investment (P) Ltd. in ITA No. 911/2010 & 913/2010 dated 02.08.2010 2. CIT Vs. Meriton Towers Pvt. Ltd. in ITA No. 1381/2010 dated 16.09.2010 .....

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9. CIT Vs. Siri Ram Syal Hydro Power Pvt. Ltd. in ITA No. 1360/2010 dated 06.09.2010. 10. CIT Vs. Creative World Telefilms Ltd. in ITA No. 2182/2009 dated 12.10.2009. 11. CIT Vs. Gourdin Herbals India Ltd. in ITA No. 665/2009 dated 17.09.2009. 12. CIT Vs. Jay Iron & Steels Ltd. in ITA No. 30(Del)//2010 dated 13.08.2010 (ITAT, Del) 13. Surya Packaging Pvt. Ltd. Vs. DCIT in ITA No.65 & 93(Del)/2009 dated 16.07.2010 (ITAT Del) 14. ITO Vs. Marshall Foundry Works in ITA No. 817(Del)/2010 date .....

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. Ltd., no satisfactory explanation has been submitted. Further, the ld. DR stressed that none of the directors of contributing companies could be produced and, therefore, affidavits filed on behalf of these companies cannot be relied upon. Accordingly, it is vehemently argued that the order of the ld. CIT(Appeals) may be set aside and that of the AO may be restored on this issued. 3. We have considered the facts of the case and submissions made before us. From the evidence filed by the contribu .....

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ot go through all the cases as they ultimately lead to the same conclusion, therefore, for the sake of brevity we may reproduce the relevant portion of the decision of Hon ble Delhi High Court in the case of Meriton Towers P. Ltd. (supra):- 4. The Tribunal in its impugned order has also observed as under:- 4. We have considered the submissions of the ld. DR of the revenue and since this issue is covered in favour of the assessee by the judgment of Hon ble Apex Court rendered in the case of Lovel .....

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