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TMI Blog2023 (5) TMI 737X X X X Extracts X X X X X X X X Extracts X X X X ..... 3 and 2014-15 are concerned, factually, they stand on identical footing and involve common issue of deletion of addition made of various amounts on account of unexplained share capital and share premium. Even, the grounds raised by the Revenue are identical, except, variation in figures. 3. Briefly, the facts relating to these issues are, the assessee is a resident corporate entity. Pursuant to a search and seizure operation conducted u/s. 132 of the Act on the Assessee on 28.03.2015, proceedings u/s. 153A of the Act were initiated against the Assessee in different assessment years. In pursuance to notices issued u/s. 153A of the Act, assessee filed its returns of income. As observed by Assessing Officer in the assessment order, in pre-sea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nished by the assessee on the touchstone of section 68 of the Act, the Assessing Officer simply accepted the appraisal report and made the additions. Learned Commissioner (Appeals) also observed that no material was found during the search, based on which, a conclusion could be drawn that they are in the nature of unexplained cash credit. Thus, holding that no adverse corroborating evidence has been brought on record by the Assessing Officer to establish applicability of section 68 of the Act, ld. Commissioner (Appeals) deleted the additions in all the assessment years under dispute. 4. Before us, learned Departmental Representative strongly relying upon the observations of the Assessing Officer, submitted that in course of search and seiz ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 263 (Delhi). 6. Further, he submitted, the proposition that in absence of any incriminating material, no addition can be made in assessment u/s. 153A of the Act, is no more res integra in view of decision of Hon'ble Supreme Court in case of PCIT vs. Abhisar Buildwell P. Ltd. (Civil Appeal No. 6580 of 2021 and others - judgment dated 24.04.2023). 7. We have considered rival submissions in the light of decisions relied upon and perused the materials on record. Undisputedly, the dispute in the aforesaid three assessment years relates to addition of investments made on account of share capital and share premium by two entities with the assessee company. On a careful reading of the assessment orders, it is very much clear that the sole basis f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erved that in course of assessment proceedings, the assessee had furnished various documentary evidences, as enumerated in para 5.2 of ld. Commissioner(Appeals)'s order for the assessment year 2011-12, to prove the genuineness of the transactions. However, the Assessing Officer has not brought any material on record to controvert the claim of assessee or falsify the evidences furnished before him. As rightly observed by ld. Commissioner (Appeals), without factually examining the evidences furnished by the Assessee through proper enquiry, the Assessing Officer has placed much reliance on the appraisal report and judicial precedents. Reading of the assessment orders reveal, the Assessing Officer has not referred to any incriminating material ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the search and seizure operation conducted in case of the Assessee and moreover, the additions are not based on any conclusive evidence brought on record to demonstrate that investors did not have any creditworthiness or the transactions are not genuine, we do not find any compelling reason to disturb the factual finding of ld. Commissioner (Appeals), while deleting the addition. In view of the aforesaid, grounds are dismissed and the appeals for assessment years 2011-12, 2012-13 and 2014-15 are dismissed. 9. In so far as ITA No. 2261/Del/2018 for assessment year 2015-16 is concerned, the dispute is relating to deletion of addition made of Rs.3,30,55,000/- u/s. 68 of the Act. The facts relating to issue in dispute are more or less identica ..... X X X X Extracts X X X X X X X X Extracts X X X X
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