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TMI Blog2023 (7) TMI 229X X X X Extracts X X X X X X X X Extracts X X X X ..... rred as 'the Act') by the ACIT, Circle-8, New Delhi (hereinafter referred as the Ld. AO). 2. Heard and perused the record. 3. Non-appeared for the assessee in spite of repeated notices being issued and the report on notices show that assessee has left the address. No further opportunity is justified. Arguments of Ld. DR were heard who supported the findings of Ld. AO and further brought on record the order dated 07.05.2019, in ITA No. 1156/Del/2019, 1157/Del/2019 and 1158/Del/2019 in the case of M/s. Surya Processed Food Pvt. Ltd. and Surya Agrotech Infrastructure Ltd. which shows that these appeals of assesses were allowed for A.Y. 2013-14. 4. It can be appreciated that Ld. AO had made substantive evidences in the hands of M/s. Surya Pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... duced below to show how the issue has been dealt to the benefit of present assessee company; "19. Thus, the Settlement Commission declined to give any finding with regard to the application of additional income disclosed before the Settlement Commission. We find that the ITAT in assessees own case, while considering the stay petitions by these two companies which are under appeal before us, in its order in Stay Application No.205 to 207/Del/2019, vide order dated 1st March, 2019, gave the following finding :- We have carefully considered the rival contentions and perused the orders of the lower authorities as well as the order of the settlement commission dated 8/6/2018. It is apparent that the disclosure has been made by the company who ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ., M/s Surya Food and Agro Limited has already offered the additional income to the tune of Rs. 49.12 crores before the Settlement Commission, which the Settlement Commission has enhanced to Rs. 55.77 crores. The order of the Settlement Commission is accepted by both the parties and thus has become final. Before the Settlement Commission, the assessee has repeatedly stated, which we have already mentioned above while reproducing the relevant portion of the application before the Settlement Commission, that the undisclosed income which is being offered before the Settlement Commission has been applied by way of introduction in the shape of share capital to group entities viz., M/s Surya Processed Food Pvt.Ltd. and M/s Surya Agrotech Infrastr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Food Pvt. Ltd. and M/s Surya Agrotech Infrastructure Ltd. i.e., the appellants before us, cannot be taxed again. Accordingly, we delete the addition for unexplained share capital and allow ground No.1 in all the appeals. 21. With regard to ground No.2, both the parties admitted that this ground would be consequential to the decision in ground No.1. The Assessing Officer, apart from the addition on share capital, has also made further addition of alleged expenditure being commission for acquiring the accommodation entries in the form of share capital. Both the parties have agreed that if it is accepted that the investment in the ITA Nos.1156 to 1158/Del/2019 share capital was out of the undisclosed income of M/s Surya Food & Agro Limited, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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