TMI Blog2004 (1) TMI 55X X X X Extracts X X X X X X X X Extracts X X X X ..... addition of Rs. 30 lakhs is deleted." – This court is of the opinion that when documentary evidence was placed on record to prove the identity of all the shareholders including their PAN/GIR numbers and filing of other documentary evidence in the form of ration card, etc., which had neither been controverted nor disproved by the Assessing Officer, then no interference is called for. - - - - - D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (3) of the Income tax Act after the date of search. It was contended before us that the assessee failed to produce the shareholders before the Assessing Officer and, therefore, there was justification in arriving at the above assessment. The Tribunal considered various documents on record in detail. It is noted by the Tribunal in para. 4 of the impugned order that the facts stated by learned couns ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be drawn against the assessee. If, in response to summons under section 131 of the Income-tax Act, none of the shareholders had appeared before the Assessing Officer (though each one of them sent their confirmation to the Assessing Officer) and if the Assessing Officer felt that their examination was absolutely necessary then he could have enforced their attendance as pointed out by the Allahabad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the shareholders are before him and they are questioned about the investment. In the case of CIT v. Precision Finance (P.) Ltd. [1994] 208 ITR 465, the High Court of Calcutta was required to examine the question from a different angle as in' that case the enquiry of the Income-tax Officer revealed that either the assessee was not traceable or there was no such file and accordingly the first ingred ..... X X X X Extracts X X X X X X X X Extracts X X X X
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