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2018 (7) TMI 131

sessee have not been discussed; and if the Director has not been found then it cannot be said that identity of the company is not established especially in wake of income tax records and share allotment form and other host of documents. - If in the inquiry, by the ITI it was found that on the said addressee the company of the Director was not traceable, then AO should have confronted to the assessee and assessee should have been given the opportunity to produce the concerned person from the said company. CIT (A) in his order though sought for the remand report but has not given the mandate to the AO to confront the same to the assessee - Matter should be restored back to the file of the AO and assessee will ensure full corporation and .....

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es have been issued, the facts in brief are that, during the year assessee has received share application money for issue and allotment of 6000 shares at the face value of ₹ 10 and share premium of ₹ 240/-. During the course of assessment proceedings the assessee in support of such share application money had filed; i) share application form; ii) ITR; iii) bank statement of the creditor; iv) proof of allotment of shares; v) confirmation letter; vi) copy of register of members showing the investor s name; vii) balance sheet etc. The AO had issued a summons u/s 131 to the Director of M/s. Kangaroo Financial Services and also sent Income Tax Inspector from where it was gathered that the Director, Shri M K Arora does not live in the .....

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accordingly closed the assessment proceedings and passed the assessment order on 31-12-2013 by making addition on account of cash credit of ₹ 14,50,OOOI-. It is not lesser interesting to note that he conducted enquiries into this matter on 03-01-2014 by issue of summons u/s 131 through his inspector and staff which is incorporated in the order already passed by him on 31-12-2013 i.e. three days prior to the investigation on 03-01-2014. The cash credit of ₹ 14,50,000/- in this case as such was genuine and undisputed till the date of passing of the order on 31-12-2013 as the so called adverse material if any was brought on the file only on 03-01-2014 i.e. three days after passing of the order. Most of the case laws cited and reli .....

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Speed Post on 21-11-2013 at SI. No.4 which remained unconsidered throughout the assessment proceedings and ii)Copy of summons u/s 131dated 03-01-2014 issued in the name of M/s Superior Facility Management Pvt. Ltd. and Inspector's Report thereon as mentioned at SI. No.6 of the said application. The Ld. DCIT instead of supplying the required certified copies as requested in the application asked the assessee to file the application in his office for passing of appropriate order thereon but no order was passed nor the certified copies supplied till date which makes it suspicious, contradictory and unbelievable that the mistake in mentioning the date as 03-01-2014 (INSTEAD OF WHICH DATE?) could have happened due to typographical error mor .....

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y the AO and the Ld. CIT(A) submitted that the inquiry made by the AO on the address as given by the assessee was not found to be correct and therefore, the inference drawn by the AO cannot be disturbed. 9. After considering the rival submissions and on perusal of the relevant finding given in the impugned order as well as the material placed on record, we find that evidences which have been furnished by the assessee have not been discussed; and if the Director has not been found then it cannot be said that identity of the company is not established especially in wake of income tax records and share allotment form and other host of documents. If in the inquiry, by the ITI it was found that on the said addressee the company of the Director w .....

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