2007 (4) TMI 226

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..... ome-tax Appellate Tribunal, Delhi Bench "D", New Delhi ("the Tribunal"), in ITA No. 1069/Del/2002. The accounts of the assessee showed a credit balance of Rs. 80 lakhs in the name of Ms. Devina Mehra. According to the assessee, this was an advance received for the purchase of shares. The Assessing Officer asked for a confirmation to be filed and the assessee filed a confirmation from M/s. First .....

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..... . 80 lakhs to the income of the assessee being an unexplained credit in its accounts. It would be noticed that according to the assessee, it was an advance received by the assessee towards purchase of shares from Ms. Devina Mehra while according to M/s. First Global Finance Pvt. Ltd. and the chartered accountant of Ms. Devina Mehra the amount was a loan given by M/s. First Global Finance Pvt. Lt .....

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..... were issued by M/s. Growell Capital Services Pvt. Ltd. for a total amount of Rs. 39 lakhs. In view of these varying versions on record, the Assessing Officer was not satisfied about the genuineness of the transaction and, therefore, concluded that the amount of Rs. 80 lakhs credited in the accounts of the assessee was the unexplained income of the assessee. On appeal by the assessee, the Commiss .....

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..... lakhs in the hands of the assessee. The amount was initially said to be an advance received by the assessee from Ms. Devina Mehra for purchase of shares, then it was said to be a loan given by M/s. First Global Finance Pvt. Ltd., then it was said that Ms. Devina Mehra was authorized by M/s. First Global Finance Pvt. Ltd. to advance the amount to the assessee and finally, it appears that two of the .....

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..... lanation is contradictory and unsubstantiated because subsequent repayment of the amount was not made to M/s. First Global Finance Pvt. Ltd. but to Ms. Devina Mehra who had herself stated that the amount was given to the assessee by M/s. First Global Finance Pvt. Ltd. The explanations for the amount are riddled with serious doubts. All the authorities under the Act have found against the assesse .....

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