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TMI Blog2016 (5) TMI 1455X X X X Extracts X X X X X X X X Extracts X X X X ..... mpanies of well known 'Bhatia' Group (also known as 'BCC' Group) of Indore. The assessee company is regularly assessed to Income-Tax since its inception. The assessee company furnished its Original Return of Income, pertaining to the assessment year under consideration, u/s. 139(1) of the Income-Tax Act, 1961, on 25-10-2005 with the then JCIT- 3, Indore, declaring an income of Rs. 3,22,400/-. A copy of the acknowledgement of the original return and a copy of computation of total income are placed at Page No. 2 & 3 of the paper book. Along with the return of income, the assessee furnished all the necessary documents such as copy of the Auditors' Report, copy of the Audited Balance-Sheet, Audited Profit & Loss Account and Schedules etc. Copie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ice, the assessee was required to furnish its Return of Total Income pertaining to the assessment year under review, within a period of 15 days from the date of service of the Notice. A copy of the notice under s. 153A is placed at Page No. 1 of the paper book. In response to the notice u/s. 153A, the assessee, furnished its return of total income on 28-05-2008 vide Ack. No. 0030100096 declaring the same income of Rs. 3,22,400/- as was declared by it in the original return furnished u/s. 139(1) (PB Page No. 4 & 5). The case of the assessee was selected for Scrutiny and Notices u/s. 143(2) & 142(1) along with questionnaires were issued from time to time. In response to such Notices, the assessee company through its authorized representative ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, 1961. The CIT(A) in his findings given at para 5.1, p. 10 of the Order has held that additions and disallowances in respect of various items duly recorded in the regular books of account and duly disclosed before the Department can also be made even when no incriminating document was found or seized during the course of the search. The CIT(A) has relied upon his own findings given while adjudicating the appeal in the case of one of the group assessees namely, Shri Amandeep Singh Bhatia, for A.Y. 2002-03. 6. The Ld. AR for the assessee has made oral as well as written submission as under: "It is submitted that for these grounds, a detailed submission has been made in the case of appeal of one other group assessee namely of Shri Amandeep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ore, same is dismissed being not pressed. GROUND NO. 3 10. This ground of appeal is directed against upholding the addition made by the AO at Rs. 6,90,00,000/- on account of share capital/share application/share premium. 11. Short facts of the case are that the AO has dealt with this issue at page no. 2 to 110 of his Order. The AO, at page no. 109 & 110 of the Order, has held the capital introduced by the assessee company through partly convertible shares were not genuine as the assessee could not establish the identity and creditworthiness of the share applicant companies. The AO made the addition by invoking provisions of section 68 of the Act. The main grounds taken by the AO were : (i) huge share capital and share premium money were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee where the subject issue has been discussed by him. Accordingly, the CIT(A) dismissed the legal ground raised by the assessee following his own findings given in the case of M/s. Bhatia International Ltd. for the A.Y. 2002-03 in Appeal No. IT-262/09-10. 13. The Ld. AR for the assessee has made oral as well as written submission as under: "It is submitted that for this ground, a detailed submission has been made in the case of appeal of one other group assessee namely of M/s. Bhatia International Ltd. in Appeal No. IT(SS)A-104/IND/2011 for A.Y. 2002-03 pending for adjudication before this Hon'ble Bench. Since, while adjudicating the ground of appeal raised before the CIT(A), the CIT(A) has relied upon his own findings given in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be able to discharge the burden of proving the cash credit as contemplated u/s 68 of the Act and have directed to delete the entire addition made by the Assessing Officer on account of share capital/share premium/ share application money. We find that the facts and circumstances of the present appeals of the assessee are the same with that of the appeal for assessment year 2002-03 (supra). The argument of both the parties are also the same and therefore, following our own finding given in the case of another group assessee for the assessment year 2002-03 (supra), we direct to delete the addition of Rs. 6,90,00,000/- made by the Assessing Officer on account of share capital/share premium/ share application money and allow the ground no.3 of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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