TMI Blog2020 (9) TMI 232X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of the lower authorities that Pabla Leasing and Finance Pvt. Ltd is only a paper company providing accommodation entries to the Nimbus India Ltd group of companies. Tribunal in the case of flagship company Nimbus India Limited, and further drawing support from the statement of the Managing Director of Pabla Leasing and Finance Pvt., Ltd, we are of the considered view that the assessee has successfully discharged the onus and, therefore, the additions made u/s 68 deserve to be deleted. - Decided in favour of assessee. - ITA No. 927 & 928/DEL/2019 - - - Dated:- 4-9-2020 - SHRI N.K. BILLAIYA , ACCOUNTANT MEMBER AND SHRI KULDIP SINGH , JUDICIAL MEMBER Assessee by : Shri Rajiv Khandelwal, CA Revenue by : Ms. Nidhi Srivastava, CIT- DR ORDER PER N. K. BILLAIYA , ACCOUNTANT MEMBER The above two appeals by the assessee are preferred against the common order of the CIT(A) 4, Kanpur dated 30.11.2018 pertaining to A.Ys 2013-14 and 2014-15. The underlying facts in issues are identical. Therefore, both these appeals are disposed off by this common order for the sake of convenience and brevity. 2. The quarrel is in respect of loan received from M/s Pabla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in connection with the search conducted in the case of Nimbus Group. 1. M/s Pabla Leasing and finance Pvt. Ltd., 7 Grant Lane, Kolkata 2. M/s G:ri Financial Services 3vt Ltd , 68 jessore Road. 3,J Floor, Flat No.314. Kolkata 3. M/S intellectual Securities Pvt. Ltd., Room No.4ISA, 4:h Floor, Marshall House, N.5. Road, Kolkata-700001 Further request was ir.3de by you to conduct enquiries in respect of other following companies: 1. M/s Padma Estate Pvt. Ltd, Office No41SA,4,h floor, Marshal House,33/1, N S Road Kolkata-1 2. M/s. CindyGoodj Supply Pvt Ltd, Office No.418A, Flaor, .M.arshal House 53/1 N S Road, Kolkata 3 M/s Bhandari Financial Services Pvt Ltd, 121; U.S. Road, 5th Floor Room No - 59, Kolkata 4. M/s. Nippy Trading Pvt. Ltd, 7A Bench Street, New Wing. Room fio.3G3, 3 ' Floor. 5. Kaypee Mercantile Pvt Lie. 37 Shakespeare Sarani, 4i 'Floor, Kolkata-17 Accordingly, summonses were issued to: the principal officer/directors or all the above companies and it was found that none of the above companies except Bhandari Financial Services Pvt ltd and Nippy vs. Ltd. existed at their given addresses. It was mentioned on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ies in different forms to various beneficiary groups Statements of directors/key persons could not be recorded due to their non-appearance. Inspector report is being enclosed for your kind perusal. 8. Taking a leaf out of this report, enquiries were made in the case of the assessee and the assessee was asked to furnish its comments on the enquiry report of the Investigation Unit, Kolkata. The assessee was further asked to produce Directors/Principal Officer of the company for examination on oath. The assessee filed necessary details and reiterated that details have already been filed and the transactions with IITL Nimbus group of companies are bonafide and genuine. 9. The Assessing Officer rubbished the submissions of the assessee and came to the conclusion that in case of credit in the name of third parties, it is the duty of the assessee to prove the identity of the creditors, capacity of the creditors to advance money and genuineness of the transaction. The Assessing Officer was of the firm belief that the assessee has failed to prove the capacity of the creditor namely, Pabla Leasing and Finance Pvt. Ltd. Since, according to the Assessing Officer the assessee failed to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... RA Iron Steel (P) Ltd. (supra), in our opinion, is not applicable to the facts of the present case. 36. So far as the decision in the case of NDR Promoters Pvt. Ltd. (supra) is concerned, the same also is not applicable in the facts of the present case especially when the directors of the investor companies appeared before the AO whose statements were recorded u/s 131 of the Act and who have confirmed to have invested in the assessee company, all the investor companies are assessed to tax, their orders have been passed u/s 143(3) in most of the years, the AO of the investor companies are aware of the huge investment made by them in various companies since while computing the disallowance u/s 14A r.w. Rule 8D, the AO has countered the huge opening and closing investment made by them towards share capital for computing the average investment for the purpose of calculation of disallowance u/s 14A r.w. Rule 8D. Therefore, the decision in the case of NDR Promoters Pvt. Ltd. (supra) is also not applicable to the facts of the instant case. The various other decisions relied on by the ld. DR are also not applicable to the facts of the present case and are distinguishable. In this v ..... X X X X Extracts X X X X X X X X Extracts X X X X
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