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TMI Blog2017 (11) TMI 463X X X X Extracts X X X X X X X X Extracts X X X X ..... re is no evidence directly or indirectly with the Assessing Officer that the assessee had routed undisclosed money in the guise of share application money or loan. DR’sargument have also not convinced us that these parties were in accommodation entries in form of loan and share application money after charging certain commission as such no survey/search has been carried out on the creditors to prove that these companies are habitual to provide loan/share application money even there is no evidence with the ld DR for making such allegation during the course of written submissions. - Decided in favour of assessee. - D.B. Income Tax Appeal No. 189 / 2016 - - - Dated:- 23-10-2017 - K. S. Jhaveri And Vijay Kumar Vyas, JJ. For the Appella ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the assessee. The ld Assessing Officer heavily relied on the Inspector s report in confirming the addition but result of the enquiry of the Inspector has not been communicated to the assessee, which is against the principles of natural justice. As per Assessing Officer, in case of 5 companies, the source of fund was not found explained. The ld Assessing Officer again gave show cause notice on 23/12/2010. The assessee filed reply on 27/12/2010 and it was claimed before the Assessing Officer that no enquiry has been made by the Assessing Officer on changed addresses. The ld Assessing Officer had not considered the evidence filed by the assessee during the course of assessment proceedings i.e. affidavits confirming the transaction, PAN numb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lication money after charging certain commission as such no survey/search has been carried out on the creditors to prove that these companies are habitual to provide loan/share application money even there is no evidence with the ld DR for making such allegation during the course of written submissions. The case laws relied by the ld AR are squarely applicable on the given facts and circumstances. The ld DR has also not controverted the finding given by the ld CIT(A). Accordingly, we uphold the order of the ld CIT(A). 4. In view of the above, submissions made by the respondent is required to be accepted. The issue is answered in favour of the assessee and against the department. 5. The appeal stands dismissed. - - TaxTMI - TMIT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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