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TMI Blog2020 (12) TMI 69X X X X Extracts X X X X X X X X Extracts X X X X ..... hat identical issue came up before the Tribunal in assessee group concerns emanating from the very same search and seizure operation conducted in Anand Rathi Group along with the group concerns on 24.09.2013 and the Tribunal in ITA.No. 2569 to 2573/Mum/2018 and ITA.No. 2563 & 2564/Mum/2018 dated 29.08.2019 deleted the similar addition made by the Assessing Officer u/s. 68 of the Act. 3. On the other hand, Ld. DR submits that the Tribunal decided the issue in favour of the assessee in group concerns. 4. Heard rival submissions, perused the orders of the authorities below and the decision of the Tribunal in assessee group cases. On a perusal of the order of the Tribunal in assessee's group concerns case in the case of Aqua Proof Wall Plast ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ellant 10. Application for shares of Ken Securities Limited 11. Details as per ROC records of Network Synthetics Pvt. Ltd. 12. Certificate of Incorporation of Network Synthetics Pvt. Ltd. 13. Memorandum and articles of association of Network Synthetics Pvt. Ltd. 14. Application for shares of Network Synthetics Pvt. Ltd. 15. Bank statement of Network Synthetics Pvt. Ltd. highlighting payment for share application to appellant 16. Details of directors of Ken Securities Ltd. and Network Synthetics Pvt. Ltd. 17. Form 2 - Return of allotment of shares filed by appellant before ROC 18. Bank statement of appellant showing receipt of share application money from Ken Securities Ltd. and Network Synthetics Pvt. Ltd. 19. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce with law, but sum received from share holders cannot be regarded as undisclosed income of the assessee. 18. In this view of the matter and considering the facts and circumstances of this case and also taking into consideration various case laws as discussed hereinabove, we are of the considered view that the assessee has discharged its initial onus to prove identity, genuineness of transactions and creditworthiness of the parties by filing various documents. The AO, without carrying out further inquiries in order to ascertain the claim of the assessee, jumped into conclusion on the basis of financial statements of the subscribers that none of them had enough source of income to establish creditworthiness. Therefore, we are of the view ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t framed u/s 143(3) r.w.s. 153A of the I.T.Act, 1961, without reference to any incriminating material found as a result of search. It is settled position of law that in order to make any additions in the assessments, which are framed u/s 153A, the additions qua incriminating material is a must. Unless, the AO has incriminating material in his possession to prove that any item of addition is supported by incriminating material found, as a result of search, no additions could be made in the assessments framed u/s 153A, if such assessment has been completed /unabated as on the date of search. In this case, the facts with regard to no reference to incriminating material, in respect of additions towards disallowances of expenditure u/s 14A r.w.R ..... X X X X Extracts X X X X X X X X Extracts X X X X
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