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TMI Blog2015 (5) TMI 229X X X X Extracts X X X X X X X X Extracts X X X X ..... that the investment of ₹ 25 lacs was made by taking advance from the M/s. Natural Biocon (India) Ltd.. However, while deleting such addition, the learned Tribunal did observe that the source of the share application money of ₹ 25 lacs made by Shri Makwana has been explained as advance received by him from M/s. Natural Biocon (India) Ltd.. The learned Tribunal has also observed in the case of M/s. Natural Biocon (India) Ltd. that the Assessing Officer himself admitted that such advance was given to Shri Makwana through banking channel. The learned Tribunal also observed that there is no dispute about the capacity of the M/s. Natural Biocon (India) Ltd. in giving the advance of ₹ 25 lacs to Shri Makwana. Thus it cannot b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... resent case, before rendering its decision? [2.0] We have heard Shri K.M. Parikh, learned advocate appearing on behalf of the revenue. We have also gone through and considered the order passed by the learned Tribunal in the case of M/s. Natural Biocon (India) Ltd. in ITA No.2638/Ahd/2003 in which the very amount of ₹ 25 lacs came to be considered. The Assessing Officer made the addition of ₹ 25 lacs being unexplained investment in the share of the company namely M/s. Natural Biocon (India) Ltd.. The learned CIT(A) sustained the said addition. However, on appeal, the learned Tribunal has deleted the said addition by observing that in case of the M/s. Natural Biocon (India) Ltd. for the Assessment Year 1996-97 with respect to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al Biocon (India) Ltd.. The learned Tribunal has also observed in the case of M/s. Natural Biocon (India) Ltd. that the Assessing Officer himself admitted that such advance was given to Shri Makwana through banking channel. The learned Tribunal also observed that there is no dispute about the capacity of the M/s. Natural Biocon (India) Ltd. in giving the advance of ₹ 25 lacs to Shri Makwana. The source of ₹ 25 lacs, which is explained has been accepted by the learned Tribunal while dealing with the same addition in the case of M/s. Natural Biocon (India) Ltd.. There is a categorical finding given by the learned Tribunal that the aforesaid amount of ₹ 25 lacs was given by way of advance by M/s. Natural Biocon (India) Ltd. t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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