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2020 (2) TMI 663

..... y to Assessing Authority while relying upon additional information allowed appeal of the Assessee - HELD THAT:- Plea of Appellant is fallacious, in view of the fact that no such plea was raised before Tribunal apart from fact that remand report was sought from Assessing Authority and who in its report did not object to additional information rather asked to consider at the time of final disposal which vindicates stand of the Respondent-Assessee. Revenue could be aggrieved had Appellate Authority not supplied additional evidence to Assessing Authority or some objection had been raised at that stage. Failing to object rather extending implied consent demolishes entire case of the Revenue. There is nothing in the order of Tribunal to show that Revenue raised objection of additional evidence before Tribunal. Thus, we do not find any merit in the argument of the Appellant. Questions of i) genuineness of investors who introduced share capital and premium; ii) accrued income on account of delayed completion of project by M/s Satya Developers Limited; iii) capacity of persons from whom loan was borrowed and genuineness of transactions, have been considered at length by First Appellate Auth .....

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..... f Department returned findings as below: 12. The ld. CIT(A) while giving relief to the assessee on account of share application money has relied upon the above judgments. He has not commented on the merits of the case. However, we have examined the issue from the angle of merits also. We find that the three shareholders from whom share capital money along with share premium has been collected are all Private Limited Companies which have been incorporated under the Companies Act and all these Companies are having PAN numbers and have filed their income tax returns. Therefore, there cannot be any doubt about the identity of these Companies. 13. As regards the creditworthiness of these companies, we find that these three companies had filed audited accounts and investment in the assessee company has been made duly reflected in their respective balance sheets. We find that the investments in the assessee-company has been out of share capital and reserves of the investing Companies. For example, the net worth of M/s. Dhir Management Consultants (P) Ltd., (one of the investing companies) as on 31.03.2009 as per balance sheet placed at paper book page 8 (in short PB-8 ) is ₹ 99,34,8 .....

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..... nk account, we find that the assessee company had invested ₹ 40,00,000/- on 10.6.2008 through RTGS and further ₹ 30,00,000/- was invested on 13.6.2008 through RTGS and investing company had sufficient balance in its bank account. Similar is the case with bank account of M/s Singhal Securities Pvt. Ltd placed at PB 27-28, where the investing company had made an investment of ₹ 30,00,000/- out of the available bank balance. The investing company had received an amount of ₹ 30,00,500/- from one M/s. Tulika Securities on 5.6.2008 and out of this amount of ₹ 30,00,000/- for investment was made in the assessee company. 18.1. Therefore, the above facts and figures not only the source of investments but the source of source has also been established. 19. In view of the above facts and findings, we find that all the three ingredients required for fulfillment of provisions of section 68 of the Act are met and therefore, the ld. CIT(A) has rightly deleted the addition made by the AO u/s 68 of the Act. Accordingly, keeping in view the peculiar facts and circumstances of the case, Ground no. 1 (i) of the appeal is dismissed. 20. As regards Ground no. 1(ii), the ld. .....

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..... e AO made addition u/s 68 of the Act on account of loan from M/s Golden Laminates Ltd. The ld. DR heavily relied upon the assessment order, whereas the ld. Counsel for the assessee relied upon the order of the ld. CIT(A). 25. In this respect, we find that the assessee had received a total loan of ₹ 255 lakhs from M/s Golden Laminates Ltd., and the assessee had filed a confirmation from the M/s Golden Laminates Ltd., regarding advancing a loan of ₹ 255 lakhs by them and the confirmation the date, cheque no. and other relevant information alongwith company s PAN was also filed. The AO had accepted the loan of ₹ 1.05 Crore as genuine and he has rejected the loan of ₹ 1.20 Crore on the plea that the same does not appear in the bank statement of M/s Golden Laminates Ltd., whereas the ld. CIT(A) has made a finding of fact that the source of this ₹ 1.20 Crore was from HDFC Bank and the ld. CIT(A) had also forwarded a copy of Bank Account of HDFC to AO for his comments. The AO in the remand report has not objected to the documents and has requested the ld. CIT(A) to consider the case while disposing of the appeal. The ld. CIT(A) has further made a finding of f .....

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