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TMI Blog2018 (9) TMI 1164X X X X Extracts X X X X X X X X Extracts X X X X ..... a cooperative Bank, Paharganj, New Delhi M/s. Kuberco Sales Pvt. Ltd. 8,00,000/- 671226, dated 09/01/2006 payable on the the banks of Rajasthan Ltd. 3. Learned Assessing Officer noted that the aforesaid two companies have been subjected to certain inquiries and investigation by the Investigation Wing, wherein they were found to have no creditworthiness nor do they have any worthwhile sources of income; and they were only paper entities floated for the purpose of arranging accommodation entries to the others. The assessee company had filed affidavits from the said entities and on behalf of M/s. Ganga Infin Pvt. Ltd. is purported to have been signed by Shri Mahesh Garg, Director; and on behalf of M/s. Kuberco Sales Pvt. Ltd. it was signed by Shri Anil Kumar, Director. Apart from this confirmation, Assessing Officer noted that no supporting documents in support of identity and creditworthiness of the parties and genuineness of the transactions were filed. He also noted that in the bank account of these companies certain cash were deposited before issuing the cheque in favour of the assessee company. Further, Shri Mahesh Garg in his sworn statement u/s.131 before Additio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and relying upon various judgments. By and large in his entire order, he has discussed the fundamental principle and law relating to penalty u/s. 271(1)(c) and catena of decisions and also relied upon the quantum order of the Tribunal order. 6. Before us, ld. counsel for the assessee submitted that not only during the course of assessment proceedings but also during the course of penalty proceedings the assessee had submitted following evidences/records to substantiate the identity, creditworthiness of the parties and genuineness of the transactions. The documents relating to these parties have been furnished in the paper book. The details of which are incorporated as under:- 7. Reply submitted to Assessing Officer dated 15.09.2008 along with: M/s. Ganga Infin Pvt. Ltd. i) Company Master data as per ROC record. ii) Copy of Notarised Affidavit iii) Copy of confirmation iv) Copy of Bank statement of appellant company confirming the repayment of amount v) Copy of share application along with board resolution M/s. Kuberco Sales Pvt. Ltd. (i) Company Master data as per ROC record (ii) Copy of Notarised Affidavit (iii) Copy of confirmation (iv) Copy application along with board resol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax Officer, Ward-13(2), Room No.338 C.R. Building, New Delhi Subject: Your summon under section 131 issued to our company Reference: Income Tax assessment of M/s. New Era Infrastructure Private Limited for the Assessment Year 2006-07 Dear Sir, We are in receipt of aforesaid summons dated 22/10/2008 wherein you have asked us to present personally before your goodself on 31st Oct. 2008. I am suffering from viral Fever, therefore, unable to attend your office, however required information in connection with The case of M/s. New Era Infrastructure Pvt. Ltd., 363, Agarwal City Plaza, Mangalam Palace, Near M2K Cinema, Rohini, Delhi-110 085 with due explanations are hereby confirmed. 1 I Mahesh Garg 5/0 Shri R.S. Garg is the director of M/s. Canga Infin Pvt. Ltd. presently operating from 104, B. D. Chambers, D.B. Supta Road, Karol Bagh, New Delhi-5. 2 That we have given an amount of Rs. 7,00,000/- vide Ch. No. 55792 dated 9th January, 2006 payable on our bank, The Ramgarhiya Co-operative Bank, Pahar Ganj, New Delhi to M/s. New Ear Infrastructure Pvt. Ltd, 363, Agarwal City Plaza, Mangalam Palace, Near M2K Cinema, Rohini, Delhi-110 085. The above amount was given as share ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e your honor on 31/10/2008. Due to Diwali festival, I am going to out of the city to celebrate diwali with my parents, therefore, not in a position to attend your goodself on 31/10/2008. However, required information in connection with in the case of M/s. New Era Infrastructure Private Limited having their present address 363, Agarwal City Plaza, Mangalam Palace, Near M2K Cinema, Rohini, Delhi-85 with due explanation are hereby confirmed. 1 I Anil Kumar Son of Shri Mahender Kumar director of M/s. Kuberco Sales Private Limited presently operating from 104, B. D. Chambers, D.B. Gupta Road, Karol Bagh, New Delhi-5. 2 Our company had paid Rs. 8,00,000/- vide Cheque Number 671226 dated 09/01/2006 as share application money. We have not been allotted any equity share by M/s. New Era Infrastructure Private Limited against our application, therefore, the above amount of Rs. 8.00 lacs was returned back to us vide Cheque No.439245 dated 15/11/2007 payable on The South Indian Bank by the above said company. 3 We have paid the above amount on 09/01/2006 out of our owned funds maintained with our bank, The Bank of Rajasthan Ltd, New Rohtak Road, New Delhi. 4 That we have deposited c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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