9911796707
TMI Blog2018 (1) TMI 1075X X X X Extracts X X X X X X X X Extracts X X X X ..... vesting companies. As per record it reveals that sufficient compliance was made to notice issued u/s 133(6) of the I.T. Act, 1961 of the investing companies on 17.02.2015 establishing the fact of all these entities genuinely existed, which has been overlooked by the A.O. Further it is noted that since statement of Sh. Sanjeev Jain, Chairman of M/s Surya Vinayak Industries Ltd. was recorded on 25.11.2013 by Investigation Wing, New Delhi during the course of post search proceedings wherein he has completely denied giving any accommodation entry and clarified that the amount was given on account of genuine business transaction. Thus the issues in dispute are remitted back to the file of the AO to decide the issues in dispute afresh - Assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd creditworthiness whereas the same have been overlooked by AO. 3.3 AO lost sight of the fact that the shares allotted to investing companies were not bought back till date and are still existing in the name of investing companies. 3.4 at the fag-end of assessment proceedings i.e. only on 23.03.2015 the assessee company was required to produce Directors of investing companies and as such proper and reasonable opportunity was not provided by the AO. 3.5 As sufficient compliance was made to notice issued u/s 133(6) of the investing companies on 17.02.2015 establishing the fact of all these entities genuinely existed, which has been overlooked by the A.O. 3.6 AO relied upon the statement of the promoters of the assessee company na ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3.11 AO has relied upon the inquiries conducted by Investigation Wing with the bank accounts of the investing companies by calling for information from respective banks while the same was not confronted during the course of assessment proceedings for rebuttal nor the contents of such inquiries were made available to the assessee for clarification. 4. That on the facts and circumstances of the case and in law the CIT(A) was not justified in upholding the action of AO in making an addition of ₹ 2,00,000/- received from M/s Surya Vinayak Industries Ltd. as unexplained cash credits without any corroborative material found during the course of entire search proceedings or post search inquiry. 4.1 That the CIT(A) was not justified in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee. Hence, it was requested that issues in dispute may be set aside to the file of the AO for fresh consideration, after giving adequate opportunity of being heard to the assessee. 5. On the contrary, Ld. DR relied upon the order of the authorities below. 6. We have heard both the parties and perused records, especially the impugned order. We find proper and reasonable opportunity was not provided during the course of assessment proceedings because copies of confirmation, ITR, Balance Sheet of all the companies who invested in share capital in the assessee company were duly filed during the assessment proceedings to prove the identity, genuineness and credit-worthiness whereas the same have been overlooked by AO. Also AO los ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es on the basis of field inquiries conducted by Investigation Wing, New Delhi without confronting the findings of such inquiry and providing an opportunity for rebuttal to the assessee company during the course of assessment proceedings. AO has further relied upon the inquiries conducted by Investigation Wing with the bank accounts of the investing companies by calling for information from respective banks while the same was not confronted during the course of assessment proceedings for rebuttal nor the contents of such inquiries were made available to the assessee for clarification. Further it is noted that since statement of Sh. Sanjeev Jain, Chairman of M/s Surya Vinayak Industries Ltd. was recorded on 25.11.2013 by Investigation Wing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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