9911796707
TMI Blog2023 (4) TMI 372X X X X Extracts X X X X X X X X Extracts X X X X ..... s.187.30. The ld. Counsel further submitted that the copy of assessment order in the case of M/s Rockland Hospitals Ltd. dated 26.12.2017 for AY 2015-16 clearly reveals that the AO has made addition u/s 68 of the Income-tax Act, 1961 (for short, 'the Act') on two amounts including the amount received from the present assessee, AB Medicos Pvt. Ltd., which is clearly discernible from the table reproduced by the AO at page 10 of the assessment order. Placing reliance on the order of ITAT Delhi dated 23.07.2018 in ITA No.6070/Del/2017 for AY 2014-15 in the appeals filed by M/s Sukumar Enterprises Ltd. and M/s Sanskriti Tradex Pvt. Ltd., the ld. Counsel submitted that under identical facts and circumstances, the Tribunal has deleted the addition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see has consistently been claiming to be a conduit company and despite this fact, the AO made addition in the hands of the assessee u/s 68 of the Act and the ld.CIT(A) confirmed the same without appreciating the surrounding facts and circumstances. Therefore, the addition made in the hands of the conduit company may kindly be deleted. 4. Replying to the above, the ld. Sr. DR strongly opposed the contentions of the ld. Counsel of the assessee and submitted that as per the requirement of section 68 of the Act, the onus was on the shoulders of the assessee to show and substantiate the identity and credit worthiness of the investor Technicare Biomed India Pvt. Ltd. and genuineness of the transactions, but, the assessee is merely submitting a s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of M/s Rockland Hospitals Ltd. and for being unable to provide further details regarding status of the said assessment order. The ld. Sr. DR also submitted that in absence of relevant documentary evidence establishing identity, capacity and creditworthiness of investor company as well as genuineness of transaction, it has to be presumed that the assessee has failed to substantiate the identity and credit worthiness of Technicare Biomed India Pvt. Ltd., and genuineness of the transaction to discharge the onus lay on its shoulders u/s 68 of the Act. Secondly, the assessee has only shown that the addition has been made in the hands of M/s Rockland Hospitals Ltd., but, what is the ultimate status of that addition is not clear from the submissio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a transaction. 8. In the present case, from the orders of the authorities below as well as from the paper book filed by the assessee before us, we are unable to see any document such as copies of PAN, return of income, balance sheet, confirmation, bank statements of investor company M/s Technicare Biomed India Pvt. Ltd. discharging the onus as per the requirement of section 68 of the Act. We also note that the assessee has successfully demonstrated that almost the entire amount received from M/s Technicare Biomed India Pvt. Ltd. was invested in Rockland Hospitals Ltd. and the AO made addition u/s 68 of the Act in the hands of M/s Rockland Hospitals Ltd. on account of two investments including the investment made by the assessee. These docu ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
