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TMI Blog2019 (11) TMI 1234X X X X Extracts X X X X X X X X Extracts X X X X ..... and in law in upholding the addition of Rs. 10,00,000/- on account of treating the loans and advances given as not genuine however the said loans and advances were given in FY 2011-12 and is bonafide. Addition u/s 68 without any credit in the year under consideration is bad in law. 3. The Ld. CIT(A) has erred on facts and in law in upholding the impugned order of the AO which is contrary to law, passed without application of mind and without complying with the procedure and rules, is against equity and justice and facts of the assessee and material on record. 4. The Ld. CIT(A) has erred in law in upholding assessment wrongly done u/s. 143(3) as assessment should have been done u/s. 153C as satisfaction note of DCIT Central Circle Noi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rred in upholding the impugned order of the AO which is contrary to law, passed without application of mind and without complying with the procedure and rules, is against equity and justice and facts of the assessee and material on record. It was the further submission that Ld. CIT(A) has erred in law in upholding assessment wrongly done u/s. 143(3) of the Act as assessment should have been done u/s. 153C of the Act as satisfaction note of DCIT Central Circle Noida dated 10.10.2017 was received. In view of above, he requested to delete the addition and allow the appeal of the assessee. 4. On the contrary, Ld. DR relied upon the orders of the authorities below and stated that Ld. CIT(A) has passed a well reasoned order which does not need ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sh generated was being infused in these group companies, which in turn, was being used to provide unsecured loans to other group companies provide unsecured loans to other group companies. Search and seizure operations conducted on a 11/11/2014 at the premises of Sun World Developers Private Limited and Sun World City private Limited; Bahadur Shah Zafar Marg, New Delhi lead to seizure of incriminating documents relating to Y K Gupta Group of companies which showed. One such document i.e. page 250 of LP - 16 of party TW - 11 showed details of unsecured loan and share premium etc. The name of the assessee appeared at serial No. 18 which showed share capital of Rs. 1 lakh and loan of Rs. 10,87,365. I further find that AO observed that the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act as no evidence has been submitted regarding the identity, creditworthiness etc. of the shareholders or the genuineness payment to Image Dresses Private Limited. The assessee has not produced any evidence except computer generated ledger account in support of it's contention. No bank details, documents evidencing the identity and the creditworthiness of the share holders, identity of Image Dresses Private Limited etc have been submitted either during the course of appellate or assessment proceedings. Therefore, in view of the above it was rightly held by the Ld. CIT(A) that the assessee has not been able to submit any evidence in support of his contention that the addition made by the AO was incorrect. In view of the same the conten ..... X X X X Extracts X X X X X X X X Extracts X X X X
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