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TMI Blog2015 (4) TMI 432X X X X Extracts X X X X X X X X Extracts X X X X ..... by assessee company out of books of accounts or the same was made by M/s B.L.Kashyap & Sons Ltd. or any other entity to the third party. - query need further verification - Matter remanded back - Decided in favour of assessee. - ITA NO. 3178/DEL/2013 - - - Dated:- 26-3-2015 - Shri S.V.Mehrotra And Shri C.M.Garg JJ. For the Appellant : Sh. Salil Kapoor, Sanat Kumar, Adv. For the Respondent : Mrs. Anuradha Mishra, CIT DR ORDER Per C.M.Garg, JUDICIAL MEMBER : This appeal has been preferred by the Assessee against the order of the Commissioner of Income Tax (Appeals) - II New Delhi dated 11/03/2013 in appeal no. 324/ 09-10 for A.Y. 2007- 08. 2. The Ld Counsel of the assessee at the very outset submitted th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the unsustainable additions made by the AO which cannot be justified by any material on evidence on record. The Ld. Counsel further, pointed out that the assessee gave proper explanation, evidence and material on record to justify that the impugned payment was made on 23.10.2006 by M/s B.L.Kashyap and Sons Ltd. and the assessee company was incorporated and came into existence on 5.12.2006. Therefore, the assessee company cannot be held responsible for making payments of this impugned amount of 10,00,000/- and thus addition u/s 68 of the Act cannot be made in the hands of assessee. 4. Replying to the above the Ld. Departmental Representative (DR) supported the orders of the authorities below and submitted that the assessing officer made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of the assessee company. As per facts undisputed and admitted by both the parties it is held that the assessee company was incorporated on 5.12.2006 and the legal existence of assessee company can only be considered from the date of incorporation i.e. 5.12.2006. The Ld. Counsel of the assessee as well as Ld. DR is also agreed that the impugned payment of ₹ 10,00,000/- was made on 23.10.2006 to the third entity by cheque. The controversy remains that whether the payment was made by assessee company out of books of accounts or the same was made by M/s B.L.Kashyap Sons Ltd. or any other entity to the third party. 6. This fact set out by us hereinabove requires examination and verification at the end of the AO in the light of expl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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