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TMI Blog2010 (9) TMI 120X X X X Extracts X X X X X X X X Extracts X X X X ..... he Companies – Held that: - legality and validity of the Agreement to Sell had not been questioned by the AO and as the respondent-assessee had provided all the evidence - it cannot be said that the alleged creditor was not a genuine party - appeal is dismissed. - 865/2010 - - - Dated:- 7-9-2010 - CORAM: HON'BLE THE CHIEF JUSTICE HON'BLE MR. JUSTICE MANMOHAN Mr. N.P. Sahni, Advocate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orded to it. 3. However, upon a perusal of the file, we find that the said addition was deleted by the Commissioner of Income Tax (Appeals) [for short "CIT(A)] and the Tribunal on the ground that the aforesaid addition was actually an advance of '30 lacs under an Agreement to Sell which had been forfeited by the respondent-assessee. It is pertinent to mention that the said Agreement to Sell had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rty transaction was also filed by the assessee before the AO. It was submitted that M/s. Fair N. Square was a regular company registered with ROC. The details of the said company including its bank account and identity were furnished before the AO. Now, merely because M/s. Fair N. Square could not be served with a notice u/s 133(6) of the Act or the summons u/s 131 of the Act since it was not fou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere assessed, as also the details of the party with the Registrar of the Companies. All these facts duly established the identity of M/s. Fair N. Square. The AO, on his part, was not able to establish the agreement to sell to be a non-genuine document. Moreover, it had been submitted before the ld. CIT(A) that M/s. Fair N. Square was at the time of hearing of the appeal by the ld. CIT(A), still ..... X X X X Extracts X X X X X X X X Extracts X X X X
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