TMI Blog2015 (4) TMI 1363X X X X Extracts X X X X X X X X Extracts X X X X ..... t Securities in the books of assessee is contained to demonstrate that there were regular transactions between assessee and M/s Sai Soft Securities. We find from the said ledger account that sum was given by assessee through banking channel and there are two debits regarding sale of shares. Thereafter assessee has again given cheque of Rs. 6 lacs. All these transactions are up to 30-10-2006 and thereafter there are two entries relating to purchase of shares and amounts received from M/s Sai Soft Securities. This ledger account has been confirmed by M/s Sai Soft Securities also giving the circle where it is assessed as well as the PAN no. Considering the fact that the assessment was completed on account of being time barring, we are of the o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are that the assessee company had filed its return of income declaring income of Rs. 28,64,910/-. During the course of assessment proceedings it transpired that the assessee company had received/ taken loan/ amounts from various parties. In order to verify the same notice u/s 133(6) was issued on 17-11-2009 to M/s Sai Soft Securities, Moradabad. The party did not respond and, therefore, AO show caused the asesssee as to why the amount of Rs. 1,20,77,814/- received from M/s Sai Soft Securities be not disallowed as the party had not responded to the notice issued u/s 133(6) of the Act. The assessee filed copy of account of the firm giving full details of transactions. The AO has observed that the copy of account filed by the assessee was simp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AR promised to furnish the same 9 th December 2009. But when on 9th December 2009 AR went to furnish the PAN of M/s Sai Soft Securities before the Assessing Officer, the Assessing Officer refused to accept that as the assessment order was already passed. Thus the Assessing Officer passed the assessment order without giving a reasonable opportunity to submit the details information and made the additions of Rs. 1,20,77,814/-. During the appeal proceedings, the Ld. AR filed an explanation regarding the nature of each transaction recorded in the so called piece of paper which was a confirmation of M/s Sai Soft Securities with a request that the same may be viewed as additional evidence in support of existence of M/s Sai Soft Securities which c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n ledger account of M/s Sai Soft Securities in the books of assessee is contained to demonstrate that there were regular transactions between assessee and M/s Sai Soft Securities. We find from the said ledger account that sum of Rs. 27,40,000/- was given by assessee through banking channel and there are two debits regarding sale of shares of Era Const. Rs. 43,85,416/-; and Gail Rs. 18,88,440/-. Thereafter assessee has again given cheque of Rs. 6 lacs. All these transactions are up to 30-10-2006 and thereafter there are two entries relating to purchase of shares and amounts received from M/s Sai Soft Securities. This ledger account has been confirmed by M/s Sai Soft Securities also giving the circle where it is assessed as well as the PAN no ..... X X X X Extracts X X X X X X X X Extracts X X X X
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