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TMI Blog2017 (3) TMI 319X X X X Extracts X X X X X X X X Extracts X X X X ..... nue : Sh. Ramanjaneyulu, Sr. DR. ORDER This is an appeal by the department against the order dated 30.03.2015 of Id. CIT (A)-I, Dehradun. 2. Following grounds have been raised in this appeal: 1. That ld CIT (A) has erred in law and on facts in holding that the case credits could not be called unexplained in spite of the overwhelming evidences that the companies from where money had come were conduits, that the directors were employees of the entry of the entry operator and that the entry operator had admitted that he was providing accommodation entries to the assessee and like beneficiaries. 2. the Ld. CIT (A) erred in law in deleting the addition simply because the assessee had not been confronted with the primary doc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... companies. It was further stated that the notice was issued without making any inquiry and the exercise, it was based on the pure guess and suspicion. However, the AO observed that the assessee had not denied the transactions of receiving the money from the above names companies and had confirmed that received ₹ 18,00,000/- from M/s Mahanivesh India Ltd., ₹ 15,00,000/- from M/s Feefcee Finance Ltd. and ₹ 10,00,000/- from M/s Adonis Finance Ltd. during the current year and the remaining amount was received in the preceding financial year 2002-03. The AO held that the aforesaid companies had given office address of Sh. Tarun Goyal and that these companies were bogus companies created by Sh. Tarun Goyal for giving accommodat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... report of the Investigation Wing without conducting further investigation to bring on record evidence to disprove the information regarding the companies on the website of the Ministry of Corporate Affairs. The A.O. is not correct when he submits that the onus is upon the assessee to prove that the transaction was genuine. The onus keeps on shifting. At first, it is on the persons who alleges. This being done, it shifts to the person being accused. However, after he has submitted documents in support of his contentions, the onus shifts back to the accuser to unearth evidence to disprove the arguments raised in defense. The A.O. has been given the Power to issue summons to verify any document or submission made by the assessee. In the insta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... authorities below by providing the details of names and address of the shareholders, their PAN/GIR No. and they had also given the cheque number and the names of the bank from which the appellant received money as share application. The share application so received as well as share allotment documents including filling of return of allotment before Registrar of Companies were duly laid on record of the author ities below. The Assessee has had discharged its onus of genuinely raised share capital and disproved nature and source therefore within the meaning of section 68 of the Act. The searched person namely Shri Tarun Goyal is not shown to have stated specifically that he has provided accommodation entry to the appellant nor the investiga ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Bombay Goa which in Tax Appeal No. 16 of 2012 upheld the decision of the Hon ble ITAT holding that we are of the view that the finding recorded is essentially of fact and particularly that the persons who are alleged to be the bogus investors have been traced and identified. Once the authorities have got all the details including the names and addresses of the shareholders, their PAN/GIR number, so also the name of the Bank from which the alleged investors received money as share application, then, it cannot be ferment as bogus . The controversy is covered by the judgments rendered by the Hon ble Supreme Court in the case of Lovely Exports Pvt. Ltd. Vs. CIT (2008) 216 CTR (SC) 195, as also by this Court if CIT Vs. Creative World Tel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re genuine, their creditworthiness was proved, the transaction was genuine through banking channel and all the requisite details asked by the AO were furnished. Therefore, the addition made by the AO was rightly deleted by the ID. CIT(A). It was further submitted that the present issue is squarely covered by the decision of the ITAT Panji bench vide order darted 11.08.2011 in the case of Goa Sponge and Power Ltd. Vs. ACIT, Circle-1, Panji in ITA No. 150/PNJ/2011 for the assessment year 2004-05 wherein the similar entries received from the companies by the said assessee had been considered to be genuine and the addition made by the AO and sustained by the Id. CIT(A) on the basis of statement of Sh. Tarun Goyal, CA, Arya Samaj Road, Karol Bag ..... X X X X Extracts X X X X X X X X Extracts X X X X
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