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TMI Blog2021 (3) TMI 711X X X X Extracts X X X X X X X X Extracts X X X X ..... eleting the addition of Rs. 6,00,00,000/- made by AO on account of unexplained share application money. 3. On the facts and circumstances of the case, the CIT(A) has erred in quashing the assessment order passed by AO u/s 153C of the I.T.Act,1961. 4. On the facts and circumstances of the case, the CIT(A) has erred in law in its decision that AO has not given sufficient opportunity to the assessee." 3. The assessee is a non-banking finance company listed on Stock Exchange Kolkata, and is in the business of Financing and Trading in Shares & Securities Sales Real Estate. It is a group concern of Mauria Group Companies. Search and seizure proceedings u/s 132 of the Income Tax Act, 1961 were conducted in the case of Mayuria Udyog Ltd. and i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er sold by the assessee company to the Kolkata base companies which are M/s Dew Drops Mercantile Ltd., M/s Sharma Higher Purchase Pvt. Ltd., M/s Pragya Commodities Pvt. Ltd. and M/s Siddheshwari Vyapar Pvt. Ltd. The Assessing Officer called for bank statement of these companies which was submitted before the Assessing Officer. These facts are emerging from the assessment order itself. The Assessing Officer further observed that these companies are merely channels to layers the fund flow ultimately being created into Mauria Group of Companies. The Assessing Officer further observed that whatever amount is credited into the bank accounts gets debited the same day or the next day and every other day, the bank account is left with utmost identi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. DR submitted that the order of the CIT(A) be set aside and the assessment order be confirmed. 6. The Ld. AR submitted that no incriminating material was found which was related to the assessee company. From the perusal of the satisfaction note also it can be seen that there was nothing on record which related to the assessee company. Thus, the Ld. AR submitted that the CIT(A) has rightly held that the additions made by the Assessing Officer did not emanate from the seized material and cannot be called as incriminating material within the meaning of Provisions of Section 153A/153C of the Act. Therefore, the CIT(A) has rightly quashed the reassessment order. On merit, the CIT(A) has categorically given the finding that all the details abo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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