TMI Blog2018 (5) TMI 807X X X X Extracts X X X X X X X X Extracts X X X X ..... share application money to the assessee company and all such 21 applicants would leave Calcutta within a few years of applying for such shares. The authorities below drew the appropriate conclusions from the facts as evident therefrom. - ITAT 218 of 2016 GA 764 of 2018 - - - Dated:- 7-5-2018 - Sanjib Banerjee And Abhijit Gangopadhyay, JJ. For the Petitioner : Mr. J.P.Khaitan,Sr. AdvocateMs. Swapna Das,Advocate Mr. Sanjoy Bhowmik,Advocate Mr. Siddharth Das,Advocate For the Respondent : Mr. Anil Kr. Gupta,Advocate ORDER The Court :- No question of any significance is raised in this appeal and questions of fact conclusively dealt with by the Commissioner of Income Tax (Appeals) and by the Income Tax Appellate Tribunal ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the payments to the assessee company. Tarun Kumar Agarwala is a director of the assessee company and appears to be the principal person in control thereof. Even such proprietorship concerns of the principal person in control of the assessee company and his wife did not produce their books of accounts or documents. The appellant relies on some of the documents which had been referred to in course of the appeals before the Commissioner (Appeals) and before the Tribunal. In one of the documents, which appears at page 97 of the present appeal papers, the names of the 21 purported shareholders have been indicated and the original addresses of such applicants for shares in the assessee company are also indicated. Thirteen of the 21 persons had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the appellant and his wife, though documents were produced of 1997 vintage to show that the loans were at one point of time obtained by the proprietorship concerns. More importantly, it is evident from the appeal papers at page 110 onwards that identical letters emanating from the same printer were issued on identical dates by several alleged creditors of the two proprietorship concerns requiring the proprietorship concerns to repay the debts due from such concerns to the alleged creditors by depositing them by way of share application with the appellant company. On facts, the assessing officer, the Commissioner (Appeals) and the Appellate Tribunal did not believe the appellant or the documents relied upon by the appellant to indicate t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uch applicants for shares ought to be deemed to have been established. In the present case, the balance-sheets or the accounts of the applicants for shares were not furnished by the assessee. On the contrary, the assessee purported to rely on similarly-worded affidavits apparently produced from the persons whose existence was doubted at every stage by the authorities. It is curious that 21 share applicants would write identical letters to the two proprietorship concerns of the principal person in control of the assessee and his wife on the same date and such persons would require the amounts standing to their credit in the proprietorship concern to be made over as share application money to the assessee company and all such 21 applicants wo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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