TMI Blog2021 (2) TMI 66X X X X Extracts X X X X X X X X Extracts X X X X ..... ITAT DELHI] has also dealt with some of the parties involved in the present assessee s case. Thus, the parties mentioned in present assessee s case were held genuine, creditworthiness and its identity was also accepted in case of Superb Developers (supra). We further observe that each and every case law cited by the Ld. DR also highlights the point that the genuineness, identity and creditworthiness of the share applicant parties have to be established by the assessee. In the present case, the same has been done by the assessee. Therefore, the onus was discharged by the assessee company which was properly taken into account by the CIT (A). Thus, the order of the CIT(A) does not require any interference and appeal of the Revenue is dismissed. - ITA No. 302/DEL/2014 - - - Dated:- 21-1-2021 - SHRI R. K. PANDA, ACCOUNTANT MEMBER AND MS SUCHITRA KAMBLE, JUDICIAL MEMBER For the Appellant : Smt. Sushma Singh, CIT DR For the Respondent : Sh. Suresh Gupta, CA ORDER PER SUCHITRA KAMBLE, JM This appeal is filed by the Revenue against the order dated 13/11/2013 passed by CIT(A)-1, New Delhi for Assessment Year 2009-10. 2. The grounds of appeal are as un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pellate proceedings. The Ld. DR further submitted various decisions which are as follows:- i) Subhalakshmi Vanijya (P) Ltd. vs. CIT (2015) 60 taxmann.com 60 ii) Bisakha Sales (P) Ltd. vs. CIT (2014) 52 taxmann.com 305 iii) Pr. CIT vs. NRA Iron Steel Pvt. Ltd. in SLP (Civil) 29855/2018 order dated 05.03.2019 iv) The Ld. DR also submitted that the CIT(A) erred in deleting the addition of ₹ 1,16,000/- with respect to commission paid at 5% for procurement of accommodation entries through share application money from non-descript companies. 6. The Ld. AR relied upon the order of the CIT(A) and further submitted that the Assessing Officer has not confronted the Inspector Report as well as the confirmation filed during the assessment proceedings were not taken into account despite all the parties which were summoned under 131/133 of the Act has responded. The Ld. AR relied upon the decision of the Superb Developers of the Coordinate Bench wherein some of these parties were concerned and the group is a sister concern of the assessee company herein (ITA No. 54, 55, 56/Del/2014 and ITA No. 403/Del/2015 for A.Y. 2008-09 to 2011-12 order dated 09.07.2018). 7. We have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cate any cash deposit to establish that appellant introduced its own money. Adverse view cannot be taken. 5 Multitech Semiconducetors (P)(Ltd) 45,00,000 ITR For AY 2008-09 was filed on 29.03.2009 and ITR for Ay 2011-12 was filed on 29.03.2012. Copies of audited balance sheet and bank statement were also filed Case was assessed u/s 143(3) on 21.12.2009 for Ay 2007-08. Therefore, the question of non-existence of this co. does not arise. 6 Pasand Marketing (P) Ltd 15,00,000 Case was assessed for AY 2009-10 u/s 143(1) on 4/09/2010 and ITR for Ay 2010-11 was filed on 5.09.2010. Copies of audited balance sheet and bank statement were also filed. Therefore, the question of non-existence of this co. does not arise. 7. Skylink Software (P) Ltd. 20,00,000 ITR for AY 2008-09 was filed on 2.03.2009 vide acknowledgement No. 604111502220309 and ITR for AY 201112 was filed on 31.03.2012 vide acknowledgement No. 381257601310312. Copies of audited balance sheet, share application and bank statement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... its onus on account of insufficient opportunity and was also prejudiced and, accordingly, I have admitted the additional evidence filed by the appellant. At present, the appeals involved in respect of the appellant on the issue of share application / share capital are for AY 2006-07 (A.No.361/13-14), AY 2007-08 (A.No.360/13-14), AY 2008-09 (A.No.359/13-14), AY 2009-10 (A.No.358/13-14) and AY 2010-11 (A.No.357/13-14). The share capital raised from different companies in these years is summarized in the table given hereunder: Sl No. Applicant Companies ASSESSMENT YEAR s 2006-07 2007-08 2008-09 2009-10 1010-11 1 Oracle Cables Pvt. Ltd. 1000000 1500000 2 Arsey Hosiery Pvt. Ltd. 1000000 3 Twicne Traders Pvt. Ltd. 1000000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inancial Services Pvt. Ld.CIT(A) 1000000 19 Intelife Marketing Pvt. Ltd. 3500000 20 Kay Buildwell Pvt. Ltd. 1500000 21 Kela Devi Builders Pvt. Ltd. 2000000 2000000 22 Wiseman Marketing Pvt. Ltd. 3000000 1500000 23 Shweta Mehandi Products Pvt. Ltd. 2000000 24 Vaishno Devi Land Building Developers Pvt. ltd. 1000000 TOTAL 8300000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... knowledgment No.370700291290312. Copies of MCA filings and confirmations from the Directors were also filed. Therefore, the question of non-existence of this co. does not arise. 9 Brainsoft Info Consultants Pvt. Ltd. ITR for AY 2011-12 was filed on 31.03.2012 vide acknowledgment No.381694521310312. Copies of audited balance sheet and confirmations from the Directors were also filed. Therefore, the question of nonexistence of this co. does not arise. 10 Chintapurni Builders Pvt. Ltd. ITR for AY 2008-09 was filed on 26.09.2008 vide acknowledgment No.40183200260908 and ITR for AY 2011-12 was filed on 31.03.2012 vide acknowledgment No.380735971310312. Copies of audited balance sheet, share application and bank statement were also filed. Therefore, the question of non-existence of this co. does not arise. 11 Midas Touch Media Pvt. Ltd. ITR for AY 2008-09 was filed on 22.03.2009 vide acknowledgment No.60418950220309. Copies of audited balance sheet, share application and bank statement were also filed. Therefore, the question of n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9 was also filed. Therefore, the question of non-existence of this co. does not arise. Co. appears to have source for the investment 19 Intelife Marketing Pvt. Ltd. ITR for AY 2011-12 was filed on 31.03.2012 vide acknowledgment No.382068051310312. Copy of the audited balance sheet as on 31.03.2009 was also filed. MCA master data shows the co. active and having filed the balance sheet as on 31.03.2010. Therefore, the question of non-existence of this co. does not arise. 20 Kay Buildwell Pvt. Ltd. ITR for AY 2011-12 was filed on 30.03.2012 vide acknowledgment No.374037341300312. Copy of the audited balance sheet as on 31.03.2009 was also filed. Therefore, the question of non-existence of this co. does not arise. Co. appears to have the source for investment. 21 Kela Devi Builders Pvt. Ltd. ITR for AY 2011-12 was filed on 20.03.2012 vide acknowledgment No.356042621200312. Copy of the audited balance sheet as on 31.03.2009 was also filed. Therefore, the question of non-existence of this co. does not arise. Co. appears to have the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t cannot be alleged by the revenue that the appellant failed to establish the transactions. The appellant was even searched by the revenue but no such evidence was found. Public functionaries must act in a transparent and non-partisan manner. This does not appear to be the case. 5.5. In view of the above, the additions made in various years, i.e. ₹ 83,00,000/- for AY 2006-07 (A.No.361/13-14), ₹ 12,00,000/- for AY 2007-08 (A.No.360/13- 14), ₹ 80,75,000/- for AY 2008-09 (A.No.359/13-14), Rs,2,58,00,000/- for AY 2009-10 (A.No.358/13-14), and ₹ 75,00,000/- for AY 2010-11 (A.No.357/13-14), on account of share applications / capital received cannot be held to be unexplained. The conclusion is not tenable in view of the evidence produced and must be deleted. I hold so accordingly for all these assessment years. The respective additions made for these AYs are deleted. In the present Assessment Year 2008-09, the facts are identical and the CIT(A) has rightly followed the order of A.Y. 2006-07 passed by the same CIT(A). There is no need to interfere with the findings of the CIT(A). Therefore, appeal filed by the Revenue is dismissed. 9. Thus, the parties me ..... X X X X Extracts X X X X X X X X Extracts X X X X
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