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TMI Blog2014 (7) TMI 1103X X X X Extracts X X X X X X X X Extracts X X X X ..... was submitted by the ld. Sr. D.R. at the time of hearing that in the course of assessment as consequence of the direction passed under section 263, it was noticed that the assessee was unable to explain the share application money received by it. It was the submission that the share application money was received from four persons, namely (1) Shri Gulab Chand Jain for an amount of Rs. 11,00,000/-, (2) Shri Motilal Jain for an amount of Rs. 7,00,000/-, (3) Smt.Preety Dkhar for an amount of Rs. 12,50,000/- and (4) Smt. Phool Dkhar for an amount of Rs. 12,20,000/-. It was the submission that the assessee is based in Kolkata and the addresses of the share applicants were from Guwahati. Consequently ld. JDIT (Investigation), North East Region, G ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ad confirmed that their investments were out of their funds and that they were not assessed to income-tax. It was the further submission by ld. Sr. D.R. that interestingly all of the four letters sent to two different addresses were responded to and their replies forwarded from the Guwahati G.P.O. on 01.03.2006 at 15.01 p.m./15.02 p.m. It was the submission that these facts clearly show that the share application money were bogus and the order of the ld. CIT(Appeals) was liable to be reversed. 5. In reply, ld. A.R. submit ted that all evidences had been produced before the ld. CIT(Appeals) and the ld. CIT(Appeals) after having considered all the evidences had deleted the addition. It was the submission that the funds in connection with Shr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d be restored for verification. However, he proceeded to delete the addition made on account of share application money in the case of Shri Gulab Chand Jain and Shri Motilal Jain. Incidentally a perusal of the order of ld. CIT(Appeals) also shows that he mentioned that Shri Gulab Chand Jain and Shri Motilal Jain, employees of M/s. Mahabir Coke Industries of Guwahati had gone Rajasthan but on 01.03.2006 their replies were forwarded from Guwahati GPO. All these clearly create a doubt in respect of the existence of Shri Gulab Chand Jain and Shri Motilal Jain as also their transactions in respect of share application money. 6.1. In respect of Smt. Preety Dkhar and Smt. Phool Dkhar, though both have stated that they are Tribal of North East Reg ..... X X X X Extracts X X X X X X X X Extracts X X X X
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