TMI Blog2011 (5) TMI 993X X X X Extracts X X X X X X X X Extracts X X X X ..... Member) The revenue is in appeal before us against the order of Learned CIT(Appeals) dated 15.01.2009 passed for assessment year 2002-03. The revenue has pleaded that Learned CIT(Appeals) has erred in deleting the addition of ₹ 10,20,000 which was added by the Assessing Officer on the ground that assessee has failed to explain share application money of ₹ 10 lacs and it must have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... received share application money of ₹ 10 lacs from four concerns, namely; S.No. Name Amount Cheque No. Date 1. Kuberco Sales P. Ltd. 2,50,000 033922 02.12.2001 2. Royal Credits P Ltd ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that he was in the business of accommodation entries and he has floated various companies in his name and in the names of his family members. On the basis of this statement, Assessing Officer observed that simply furnishing of PAN, assessment particulars and confirmation by these entities is not enough. He made the addition of ₹ 10 lacs and estimated an expenditure of ₹ 20,000 for arra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... First Appellate Authority has examined the facts and circumstances and deleted the addition. 5. With the assistance of learned representatives, we have gone through the record carefully. Assessing Officer has been disbelieving that the documentary evidence in the shape of confirmation, ITR details, PAN and balance sheet etc. on the ground that Shri Mahesh Garg has disclosed in his statement tha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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