TaxTMI 
TaxTMI 
2021 (5) TMI 858
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....Mum/2019 for A.Y. 2010-11 arises out of the order by the ld. Commissioner of Income Tax (Appeals)-16, Mumbai in appeal No. CIT(A)-16/11443/ITO-9(1)(1)/2015-16 dated 30/09/2019 (ld. CIT(A) in short) against the order of assessment passed u/s. 143(3) r.w.s. 147 of the Income Tax Act, 1961 (hereinafter referred to as Act) dated 31/12/2015 by the ld. Income Tax Officer - 9(1)(1), Mumbai (hereinafter r....
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....d., Rs. 25,00,000/- 3. M/s. Olympus Vision Pvt. Ltd., Rs. 25,00,000/- Total Rs. 10,30,88,998/- 3.1. The ld. AO in the course of original assessment proceedings u/s. 143(3) of the Act issued notice u/s. 133(6) of the Act to all the three parties. Since, no reply was received from M/s. Nicco Securities Pvt. Ltd., the ld. AO proceeded to make addition u/s. 68 in the sum of Rs. 25 lakhs....
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.... Olympus Vision Pvt. Ltd., as unexplained cash credit u/s. 68 of the Act and completed re-assessment proceedings. The ld. AR submitted that all the necessary documents had been duly furnished with regard to this loan creditor also and assessee had duly proved the identity, creditworthiness of lenders and genuineness of transactions before the lower authorities and that all these documents were alr....
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.... 3.3. Per contra, the ld. DR vehemently argued that sufficient opportunities were given to the assessee in the assessment proceedings. 3.4. Considering the facts of the case and various documentary evidences submitted by the assessee before the lower authorities which had been summarily brushed aside by the lower authorities in the reassessment proceedings and also respectfully following the dec....