9911796707
TMI Blog2018 (11) TMI 1775X X X X Extracts X X X X X X X X Extracts X X X X ..... see is a company and filed its return of income on 30.09.2011 declaring nil income being loss of Rs. 14,47,28,576/-. Subsequently, revised return was filed on 12.11.2011 declaring loss of Rs. 8,82,373/-. The reasons for filing revised returns are due to non allowability of Short Term Capital Gain loss adjusted in the original return. This return was processed u/s 143 (1). 4. Subsequently, on the basis of information received from the investigation wing of the income tax department that assessee has received accommodation entries amounting to Rs. 40,00,000/- from four companies, the case of the assessee was reopened u/s 147 of the IT Act after recording reasons. In response to notice u/s 148, the assessee in its reply submitted that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... source of transaction with the above company. 2. Copy of your I.T. return alongwith computation of income, Balancesheet and P & L A/c for the A. Y 2011-12. 3. Copy of Bank Statement for the period 01.04.2014 to 31.03.2011. 4. Personal Deposition alognwith proof of identity. 5. Since there was no compliance from the above companies, the Assessing Officer asked the assessee to produce the directors of the companies for their personal deposition. However, the assessee did not produce the directors but filed their confirmations only. Since the assessee failed to prove the identity of the companies, viz M/s. Lunar Gold International Pvt. Ltd. M/s. Blue Bell Finance Ltd. M/s. Edoptica Developers India Ltd. and M/s. Yuvraj Exports P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The Ld. CIT(A) forwarded the additional evidences to the Assessing Officer and called for a remand report from him. After considering the remand report of the Assessing Officer and submission of the assessee to such remand report the Ld. CIT (A) deleted the addition made by the Assessing Officer by observing as under :- "The matter was remanded to the AO on the request of the Authorized Representative!, where theAO issued fresh notices to the four parties; and issued 131 summons to four persons i.e. Managing Directors/ Directors of the company. The above persons appeared on 24.03.2015 before AO and the statement have been recorded on oath. They have filed their copy of identity proof, copy of 1TR and bank statement. The AO examined the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT(A) that there was no Share application money of Rs. 40,00,000/- but it was only Time membership fees of Rs. 10 lakh each from 4time members. 2. That on the facts and circumstances of the case & in law, the Ld. CIT(A) has erred in deleting the additions of Rs. 90,10,000/-made by AO on account of share application money by accepting the additional evidences during the appellate proceedings even before giving an opportunity to the Assessing officer to raise any objection against such admittance of additional evidences. 3. That on the facts and circumstances of the case & in law, the Ld. CIT(A) has erred in deleting the additions of Rs. 40,00,000/- made by AO on account of share capital. 4. That on the facts and circumstances of the ca ..... X X X X Extracts X X X X X X X X Extracts X X X X
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