TMI Blog2019 (4) TMI 1764X X X X Extracts X X X X X X X X Extracts X X X X ..... decision of the Hon'ble Delhi High Court was reversed on the ground that the share applicants are paper companies without doing any real business and had no capacity to invest such amounts when their returned income was very negligible. Similarly, the Hon'ble Delhi High Court in the case of NDR Promoters Pvt. Ltd., [ 2019 (1) TMI 1089 - DELHI HIGH COURT] has upheld the addition made by the Assessing Officer u/s 68 on account of share capital and share premium holding that the transactions in question were clearly sham and make believe with excellent paper work to camouflage their bogus nature. We deem it proper to restore this issue to the file of the CIT(A) with a direction to adjudicate the issue afresh in the light of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submitted that the original return filed u/s 139 of the Act may be treated as return filed in response to notice u/s 148. The Assessing Officer, thereafter, issued statutory notices u/s 143(2) and 142(1). During the course of assessment proceedings, he observed that the assessee has received non-current liability amounting to ₹ 6,35,00,000/- from M/s Manan Merchandise Pvt. Ltd. during the year. He asked the assessee to furnish the copy of return, audit report, balance sheet and bank account statement reflecting the above transaction and justify the amount received. From various details filed by the assessee regarding M/s Manan Merchandise Pvt. Ltd., the Assessing Officer noted that the company is having nil income for the assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /- made by the A.O. on account of unexplained cash credit u/s 68 of the Act received from M/s Manan Merchandise Pvt. Ltd. 3. The appellant craves leave to add, amend any/all the ground of appeal before or during the course of hearing of the appeal. 5. We have heard the ld. DR and perused the material available on record. We find the assessee, in the instant case, has received an amount of ₹ 6.35 crores from M/s Manan Merchandise Pvt. Ltd., a group company, which , in turn, has received the money from Kolkata based paper companies. Neither M/s Manan Merchandise nor the Kolkata based companies from whom M/s Manan Merchandise Pvt. Ltd. has received money are doing any real business and all these companies are ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
