TMI Blog2016 (5) TMI 1455X X X X Extracts X X X X X X X X Extracts X X X X ..... um/ 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, we direct to delete the addition made by the Assessing Officer on account of share capital/share premium/ share application money - Decided in favour of assessee - IT(SS)A Nos.108/Ind/2011 - - - Dated:- 18-5-2016 - SHRI D.T. GARASIA, JUDICIAL MEMBER And SHRI B.C. MEENA, ACCOUNTANT MEMBER For the Appellant : Shri Anil Kamal Garg and Shri Arpit Gaur, CAs For the Respondent : Shri Rajeev Varshney and Shri R.A. Verma, DRs ORDER PER SHRI D.T. GARASIA, JM The above appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 25-09-2007, in the business premises of the assessee company as also in the residential premises of its directors. During the course of the search, the Bhatia Group had admitted additional income aggregating to ₹ 26,15,24,529/- and as against such admitted income of ₹ 26,15,24,529/-, the group, as a whole, had shown an additional income of ₹ 27,33,73,087/- in the returns of income furnished under s.153A of the Act. However, the assessee neither admitted nor declared any additional income in its return of income. Such facts are evident from the findings given by the CIT(A) at para 2 2.1 at Page No. 2 3 of his Order. During the course of the search, no undisclosed or unexplained money, bullion, jewellery, valuable articl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of ₹ 6,90,00,000/-. The entire addition of ₹ 6,90,00,000/- has been made by the learned AO, under the provisions of section 68 of the Income-Tax Act, 1961, by holding that the share application money/ share capital claimed to have been received by the assessee company are not genuine. GROUND NOs. 1.1 1.2 3. These Grounds are directed against the AO s action of making additions u/s 153A of the Act on those issues in respect of which no incriminating material was found or seized during the course of search. 4. Short facts of the case are that the AO has not given any specific finding on the issue. In the instant case, the AO has made only one addition of ₹ 6,90,00,000/- on account of alleged unexplained sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aken into consideration. 7. Ld. DRs have relied on the orders of the Revenue Authorities and submitted that our arguments advanced in the case of Amandeep Singh Bhatia on identical facts may be taken into consideration. 8. We have heard rival contentions of both the parties and perused material available on record. The CIT(A) has relied upon his own findings given in the case of Shri Amandeep Singh Bhatia. However, we find that since the assessment for the A.Y. 2005-06 is abated, the present issue in assessee s appeals IT(SS)A Nos.108/Ind/2011 for the A.Y. 2005-06 was not pressed by the ld. Counsel for the assessee during the course of hearing, therefore, same is dismissed for the A.Y. 2005-06. GROUND NO. 2 9. This Ground ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e amounts of cheques to each other without any commercial sense; (iv) share applicant companies were indulged in money laundering activities; (v) balance sheet of some share applicant companies were not available; (vi) in the bank accounts of the share applicant companies called under s.133(6) of the Act, transfer of huge amount in other accounts through cheques were found and in some cases, cash deposits were made in the account of third parties from whom cheques were taken; (vii) the copies of Memorandum Articles of Association, Certificate of Incorporation, Board Resolution of the share applicant companies were found in the premises of the group; (viii) most of the notices issued under s.133(6) returned unserved; and (ix) the shares we ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Filed for the purpose From To 34 35 List of share applicant companies Giving the details of share applicant companies 174 1183 Share Application Forms, MOA/AOA, Incorporation Certificate, Board Resolution, Audited Financial Statements, ITR, Bank Certificate regarding verification of signature of director of share applicants, Confirmation Letters, Master Data of share applicants downloaded from official website of MCA, List of Directors, PAN, TAN, Bank statements, Certificate of Registration granted by RBI for NBFC Establishing identity and creditworthines ..... X X X X Extracts X X X X X X X X Extracts X X X X
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