TMI Blog2016 (12) TMI 409X X X X Extracts X X X X X X X X Extracts X X X X ..... account of the assessee. No allegation of any fraudulent dealing from Kolkata have been alleged by the department. The genuineness of the transaction, therefore, is not in doubt. There is no finding whatsoever with regard to that. On the contrary it is clear that provisions of Section 69 of Act are not contrary in order to make an addition to the assessee's income. - Decided in favour of the assessee. - Income Tax Appeal No. 312 of 2008 - - - Dated:- 23-11-2016 - Hon'ble Bharati Sapru And Hon'ble Shashi Kant, JJ. For the Appellant : S. C. ( R. K. Upadhyaya ) For the Respondent : S. D. Singh ORDER This is department's appeal under Section 260A of Income Tax Act, 1961 (hereinafter referred to as Act ) agai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompany's office at Vasant Kunj, New Delhi was also covered under the search. During the course of assessment proceedings in the case of M/s Shilpi Builders Ltd., various documents seized, revealed that M/s Mahavir Sahkari Awas Samiti invested in several plots of lands as per Annexure-SBPL 46 and SBPL 10 to 23. Notice u/S 158BC read with Section 158BC was issued on 26.03.2004 and the assessee company, in compliance to the said notice, filed its return of income on 21.06.2005 in form No.2B declaring income NIL. The assessment was completed on 30.03.2006, after making the addition of ₹ 43,64,821/- being unexplained investment in purchase of land holding. During the course of search in the case of M/s Shilpi Builders Ltd., a sal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ues and deposited in its bank account opened in Canara Bank, The Mall, Kanpur and whatever amount was advanced by them to the appellant company, the same amount had been deposited in its bank account a day or two before, by clearing. The A.O. accordingly vide his letters dated 13.09.2006, 21.09.2006 and 25.09.2006 requested the Branch Manager, Canara Bank, The Mall, Kanpur to furnish the requisite information. The A.O. submitted the remand report vide his letter dated 19.02.2007 through J.C.I.T., Central Range, Kanpur vide his endorsement dated 26.02.2007 stating that Branch Manager has expressed his inability to produce required documents and information as they are very old i.e. more than 12 years. The CIT (A) vide her order dated 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Developers Pvt. Ltd. were interested in getting this project properly executed, therefore, it can reasonably be concluded that they must have provided the money also for the project. The Ld. CIT (A) has observed that from the copy of bank account it was quite apparent that money had been given by M/s City Developers Pvt. Ltd. of Kolkata to the assessee. This finding has not been controverted by the department. Adverse conclusion drawn by the Department is on the ground that assessee could not produce the required details from M/s City Developers Pvt. Ltd. But in the remand proceedings the bank pointed out that since the details required were beyond the period of 12 years, the same could not be provided. Under such circumstances, the Ld. CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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