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2016 (6) TMI 424 - ITAT KOLKATA

2016 (6) TMI 424 - ITAT KOLKATA - TMI - Addition u/s 69 as undisclosed investment in immovable property - CIT(A) deleted the addition - Held that:- It is clear from the order of CIT(A) that the assessee never made any investments in the purchase of immovable property worth ₹ 44 crores in Mumbai. The assessee only created only mortgage over an immovable property for a sum of ₹ 44 Crores to avail credit facilities from Deutche bank. The necessary Form No.8 was filed by the assessee in .....

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r starting an enquiry against the assessee. These details cannot be conclusive against the assessee - Decided against revenue - ITA No. 709/Kol/2013 - Dated:- 11-5-2016 - Shri N. V. Vasudevan, JM And Shri M. Balaganesh, AM For the Appellant: Shri Niraj Kumar, CIT(DR) For the Respondent: None ORDER Per N. V. Vasudevan, JM This is an appeal by the Revenue against the order dated 23.01 2013 of CIT(A) XXXII, Kolkata, relating to AY 2008-09. 2. Ground of appeal raised by the Revenue reads as follows .....

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operty on 12.07.2007 at a price of ₹ 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 assessment on 31.12.2010. Till such t .....

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investments and made enquiries about the source of information received by the AO and its authenticity. The Assessee pointed out that it made efforts to get the details from the office of Joint Sub Registrar but could not succeed by 31.12.2010 when the assessment was completed but continued efforts and endeavours to obtain reply of Assessee s letter. The Joint Registrar Mumbai vide their letter dt. 4th September, 2011 sent full text of the transaction which was carried out by the Assessee. A ce .....

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ty of ₹ 44 crores. The aforesaid loan of ₹ 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 ₹ 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 .....

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s found that, it had purchased an immovable property on 12/7/2007 at a price of ₹ 44 crore as uploaded by Joint Sub- Registrar Municipality CITY-3. The appellant stated that during the year the assessee company did not purchase any property so the A.O wrote a letter to the concern authority for verification but the A.O did not received any information from the above mentioned authority up to the passing of the order and he made the addition of ₹ 44,00,0001- as undisclosed investment .....

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ce of ₹ 44 crores as uploaded by the Joint Registrar Mumbai, in its website. However, till date no reply has been received to prove it otherwise. Under the circumstance, it would not be appropriate to differ with the view taken by the 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 t .....

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of immovable property during the year. The Assessing Officer did not brought the correct fact purchased any immovable property but the company made the English Mortgage Deed so the question of unexplained investment does not arise. Considering the above findings and facts of the case I am of the view that the addition of ₹ 44,00:00,000/- is unwarranted, unjustified and unlawful. Hence, I delete the addition of ₹ 44,00,00,000/- made by the Assessing Officer. The ground is allowed. 6. .....

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