TMI Blog2012 (5) TMI 763X X X X Extracts X X X X X X X X Extracts X X X X ..... y the Assessing Officer. - ITA 298/2012 - - - Dated:- 16-5-2012 - HON'BLE MR. JUSTICE SANJIV KHANNA AND HON'BLE MR. JUSTICE R.V.EASWAR For the Appellant : Mr. Sanjeev Sabharwal, Advocate. O R D E R 1. Two issues are raised by the Revenue in this appeal in the case of Dalmia Brothers Private Limited, which pertains to the assessment year 2006-07. 2. The first issue, which pertains to the disallowance of salary expenses, the findings recorded by the Commissioner of Income Tax (Appeals) [CIT(A)] and Income Tax Appellate Tribunal [ITAT] are to the effect that salaries were paid to different employees and full details, i.e. their names, addresses, qualifications and nature of duties were furnished. The salaries were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ounts and nowhere it is mentioned that any share application money has been given by the said parties to the assessee company. As the assessee has not able to prove the genuineness of the transaction and creditworthiness of the parties. Accordingly, the said cash credits in the books of the assessee is treated as unexplained and is added to the income of the assessee as per the provision of section 68 of the Income Tax Act. As the assessee has deliberately furnished inaccurate particulars of its income on this issue, in order to conceal his income and evade the tax, the penalty proceedings under section 271 read with section 274 of the Income tax act is initiated against the assessee on this issue.? 4. The CIT(A) dealt with the said ques ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. Copy of confirmation letter. 3. Copies of the bank statements of share subscribers for the relevant period evidencing payment of share application money. 4. Copies of appellant?s accounts in the ledger of share applications. 5. Copy of share application form. 3. M/s Altar Investment Private Limited 6/40, Chittranjan Park, New Delhi-110019 4,75,000/- Rs.4,75,000/- vide Cheque No. 175570 dated 29.09.2005 drawn on Citibank, New Delhi. 1. Copy of acknowledgment of the ITR filed PAN AAACA-6678S in Ward1(3), New Delhi. 2. Copy of confirmation letter. 3. Copies of the bank statements of share subscribers for the r ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
