9911796707
TMI Blog2022 (3) TMI 79X X X X Extracts X X X X X X X X Extracts X X X X ..... the parties submitted that the issues raised in both the appeals of Revenue and CO of the assessee are identical. In view of the aforesaid submissions, we for the sake of convenience proceed to dispose of both the appeals and CO by a consolidated order but however refer to the facts for A.Y. 2009-10. 3. The relevant facts as culled from the material on records are as under: 4. Assessee is a company stated to be engaged in television and other entertainment activities. AO has noted that a search and seizure operation u/s 132 of the Act was conducted on 27.11.2014 in the case of Maconns, Meenu and Yadav Singh Group Noida covering its business premises and residences of Director, their family members and other business associates concern an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pitality Pvt. Ltd. were in the nature of accommodation entries only for routing the undisclosed income of Yadav Singh Group and hence such documents constituted "incriminating material" for the purpose of the issue of notice u/s 153C in the context of assessee. 2. Whether on facts and circumstances of the case and in law, the Ld. CIT(A) erred in law while holding that the seized balance sheet of Golf Link Hospitality Pvt. Ltd. did not constitute "incriminating material" on grounds that the balance sheet was part of regular books, without appreciating that since all the searched entities of the Yadav Singh Group were found to be engaged in routing the unaccounted funds by layering through various entities including assessee, controlled by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le holding that there was no incriminating material found during the search for the issuance of notice u/s 153C, without appreciating that he himself accepted that for AY. 2011-12 the satisfaction recorded in respect of loan entry of 45 lacs to Golf Link Hospitality Pvt. Ltd. as per seized documents, was factually correct to that extent. 6. Whether on facts and circumstances of the case and in law, the Ld. CIT (A) erred in applying the decision of the Hon'ble Supreme Court in the case of M/s Sinhgad Technical Education Society, which was distinguishable on the facts of the present case. 7. The order of the CIT (A) is erroneous in law and on facts of the case and is liable to be set aside and the order of the AO be restored." 7. Similar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mitted that during the year under consideration, assessee had raised money in the form of share capital including premium amounting to Rs. 14,56,28,000/- from various persons listed under Para 7 of the order. AO had concluded that the receipt of money in the form of share capital was the case of rotation of money through bogus entities and paper company and the amount was finally brought into the books of account of beneficiary through the banking channel and thus the AO held that genuineness of the transactions to be not verifiable and accordingly made the additions. He submitted that CIT(A) had erred in quashing the assessment order passed by AO. 13. Learned AR on the other hand submitted that proceedings u/s 153C of the Act was initiate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r passed by AO u/s 153C of the Act. We find that CIT(A) after considering the submissions of the assessee, remand the report from the AO and assessee's reply to the remand report has given a finding that the satisfaction note, the basis on which the proceedings u/s 153C against the assessee were initiated, was on the basis of the investment made by assessee in M/s. Golf Link Hospitality Pvt. Ltd. He has given a finding that AO had noted in the satisfaction note that assessee had invested Rs. 45,00,000/- each in A.Y. 2011-12 & 2012-13 but the factual position was that investment exist only in A.Y. 2011-12 and thus there was no satisfaction of the AO for other year than 2012-13 u/s 153C of the Act. He has further given a finding that even for ..... X X X X Extracts X X X X X X X X Extracts X X X X
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