TMI Blog2018 (7) TMI 1401X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee against the order of the ld CIT(A)-II, Delhi dated 30.04.2012 for the Assessment Year 2006-07. 2. The revenue has raised the following grounds of appeal:- 1. That the Commissioner of Income Tax (Appeals) erred in law and on facts of the case in deleting the addition of ₹ 29,35,260 /- made u/s 50C/69C of the Income Tax Act, 1961 in respect of investment in purchase of property at B-41, Chander Nagar, Ghaziabad without appreciating the fact that the real investment exceeds the investment shown in the assessee s books of accounts. 2. That the Commissioner of Income Tax (Appeals) erred in law and on facts of the case in deleting the addition of ₹ 6,05,71,018/- made on account of apportionment of suppressed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uring the year and these were not payable as on 31st March, of relevant financial year as required under the law before making disallowance u/s 40(a)(ia) of the Act. 5. That having regard to the facts and circumstances of the case Ld. CIT (A) has rightly deleted the addition of ₹ 29,35,260/- made by the A.O. u/s 50C/69C of the Income Tax Act, 1961 on account following accounts:- a) Section 50C is not applicable to the appellant being purchaser of the properties; b) There is nothing on the records which may suggest any investment/expenditure outside the books as alleged. 6. That having regard to the facts and circumstances of the case Ld. CIT (A) has rightly deleted the addition of ₹ 6,05,71,018/- made by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and seizure operation u/s 132 of the Act was conducted at the business premises of the assessee on 27.08.2008. Therefore, notice u/s 153A was issued on 02.03.2009. Assessee, M/s. Mahagun Realtors Pvt. Ltd merged with Mahagun India Pvt. Ltd as per order of the Hon'ble Delhi High Court dated 10.09.2007 w.e.f 01.04.2006. During the course of search, the statement of Mr. Amit Jain was recorded, wherein, vide question No. 5 he was asked about the companies and there he stated that Mahagun Realtors Pvt. Ltd, the assessee, has merged with Mahagun India Pvt. Ltd. Despite the above information available with the ld AO, the assessment u/s 153A was passed by the ld AO in the name of Mahagun Realtors Pvt. Ltd (represented by Mahagun India Pvt. Ltd ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee company did not exists on the date of the assessment order, we find that the assessment order passed by the ld AO is not sustainable in law in view of the decision of the Hon'ble Delhi High Court in case of Spice Infotainment Ltd Vs. Cit 247 ITR 500 as well as the decision of the Hon'ble Delhi High Court in case of CIT Vs. Dimension Apparel Pvt. Ltd 370 ITR 288. On the last decision Hon'ble Delhi High Court has considered the whole issue from all the angles and therefore, respectfully following the decision of Hon'ble Delhi High Court, we are of the view that the order of the ld AO is unsustainable. 12. The revenue has raised the issue that Hon'ble Supreme Court in case of Skylight Hospitality LLP has dismis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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