TMI Blog2018 (2) TMI 1850X X X X Extracts X X X X X X X X Extracts X X X X ..... ss of the creditors as well as the transactions had been prima facie disclosed which amounted to discharge of onus upon it - ITAT rejected the revenue’s objections - HELD THAT:- The business premises of the appellant actually belonged to M/s Bhushan Steel Ltd. and several other companies were having their registered offices in the same premises. This led to the suspicion that these companies were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... troduction of unaccounted cash / finds in the form of share capital in these companies. Therefore, the conclusion based on the facts relied upon by the revenue that the share capital introduced in the companies belonging to Bhushan Group, including the appellant company, are unexplained, is at best premature. - Decided in favour of assessee. - ITA 244/2018 - - - Dated:- 26-2-2018 - MR. JUSTICE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT(A) was of the opinion that the AO did not conduct any sufficient enquiry and given the material that had been placed on record by assessee, the genuineness of the creditors as well as the transactions had been prima facie disclosed which amounted to discharge of onus upon it. The ITAT rejected the revenue s objections. The Court notices that CIT(A) in this case quite correctly had examined ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s were paper companies. During further verification of the identity of the shareholders in Mumbai, some summons were served but parties did not respond. In Guwahati, both parties were not found at the given address. In Kolkata, all 11 parties responded by post but no one appeared. 3.4. There is no law that more than one company cannot have its registered of me at one address. There is no law th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s relied upon by the revenue that the share capital introduced in the companies belonging to Bhushan Group, including the appellant company, are unexplained, is at best premature. 3.5. In the above facts and circumstances of the matter, and in view of the case laws relied upon by the Ld. AR, the addition made cannot be legally sustained and is deleted. This ground of appeal is allowed. This ..... X X X X Extracts X X X X X X X X Extracts X X X X
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