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TMI Blog2016 (6) TMI 424X X X X Extracts X X X X X X X X Extracts X X X X ..... able property." 3. The Assessee is a company. It is engaged in the manufacture and trading in tyres and tubes and rubber products. In the course of assessment proceedings for A.Y.2008- 09, the AO noticed that from AIR (Annual Information Report) that assessee had purchased immovable property on 12.07.2007 at a price of Rs. 44 crores. This information emanated from the information uploaded by the Joint Sub-Registrar-III, Mumbai. The AO further found that no such investments were reflected in the balance sheet of the assessee. The AO confronted the assessee with regard to the aforesaid facts. The AO also addressed a letter to the Joint Sub-registrar-III, Mumbai dated 20.12.2010 requisitioning the relevant details. The AO passed order of ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vailing Loan facility of Rs. 44 crores. The aforesaid loan of Rs. 44 Crores for which mortgage of Company's property was created in favour of Deutche Bank AG as above was paid back and satisfaction of charge for Rs. 44 crores was filed under Form No.17 under SRN A32598385 dt. 26.02.2008 and certificate of Memorandum of Satisfaction of Mortgage/Charge u/s 140 of the Companies Act, 1956 was also issued by Registrar of Companies, West Bengal." 5. The aforesaid evidence was confronted to the AO by the CIT(A) and after getting the remand report from the AO on the additional evidence filed by the assessee CIT(A) admitted the additional evidence under Rule 46A. Thereafter CIT(A) held as follows :- "I have duly considered the assessment order, s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A. 0 the time of scrutiny assessment in this regard. This is for your' kind information and necessary action." The Assessing Officer did not speak any single word on the documents filed by the A/R regarding the English Mortgage of the property. It proves that he is accepting the said documents. The A/R in the rejoinder of remand report as well as submission in the assessment proceedings, also stated that the company did not. purchase any immovable property during the F.Y 2:007-08. This is a document of English Mortgage which was registered on 12/07/2007. Hence there is no question to arise of the unexplained investment in immovable property. Considering the above facts and findings, I am of the view that the appellant di ..... X X X X Extracts X X X X X X X X Extracts X X X X
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