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TMI Blog2019 (1) TMI 204X X X X Extracts X X X X X X X X Extracts X X X X ..... back on the very same date as per Exhibit 85 of the paper book. Even on this count, addition is uncalled for. - Decided against revenue. Unexplained share application money - Held that:- There is no dispute that the purchase of shares of the aforesaid companies has been accepted by the Assessing Officer. Assuming, yet not accepting that the sale consideration is bogus, then the question which has to be answered by the Assessing Officer is that where did the purchase money go since he has accepted the purchase of shares of two companies? Considering the facts of the case in hand in totality, we do not find any error in the findings of the CIT(A). This ground is also dismissed. Rent payment expenditure - Held that:- DR also could not demonstrate that the assessee has actually made any payment to M/s Trinity Shipping and Allied Services Pvt Ltd. That being the fact of the matter, no interference is called for. This ground is dismissed. - ITA No. 5573/DEL/2016, ITA No. 6660/DEL/2016 And ITA No. 6661/DEL/2016 - - - Dated:- 29-11-2018 - SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER, AND MS. SUCHITRA KAMBLE, JUDICIAL MEMBER For The Assessee : Shri Ved Jain, Adv For The Revenue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 23/03/2013 50,00,000 30/03/2013 50,00,000 This shows that an amount of 9 Crores has been reed in cash and 50 lacs paid in cash by Bihariji Group/Mauria group from/to Amarpali Group. Do you agree with this? If so, comment on accounting of these transactions in the books of Bihariji/Mauria Group? Ans Yes I agree that the above mentioned payments have been received/made in cash by Bihariji Group/Mauria Group from/to Amarpali Group. However, regarding its accounting I am not sure. Mr Navneet Sureka can only comment on it. 4. On the strength of the statement of Shri Rohtash, the Assessing Officer formed a belief that Shri Rohtash himself admitted that the amounts that are mentioned in the .xls file are nothing but payments that have been made by different Amrapali Group companies to Mauria group company. The Assessing Officer was of the opinion that the case is squarely covered u/s 69A of the Act and accordingly, made an addition of ₹ 1 crore. The assessee carried the matter before the CIT(A). 5. The CIT(A), drawing support from the decision given by him in the case of M/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... M/s Bihariji group. The entries of ₹ 50 lakhs each on 11.12.2012 and 01.02.2013 can be seen from the said Exhibit 85 of the paper book. This means that the date on which the alleged ₹ 1 crore was received, on the very same day the same was returned back. 11. More importantly, there is no mention of the assessee s name in the impugned document. The Assessing Officer has simply assumed that the reference to the impugned amount is in relation to the assessee. In our understanding, no addition can be made on the basis of presumptions and surmises. Assuming, yet not accepting that the amounts were received by the assessee, the same were returned back on the very same date as per Exhibit 85 of the paper book. Even on this count, addition is uncalled for. 12. In the result, the appeal filed by the Revenue is dismissed. ITA No. 6660/DEL/2016 13. First grievance relates to the deletion of addition of ₹ 3.28 crores made by the Assessing Officer on account of cash transaction with Amrapali Group. 14. Facts of this addition are identical to the facts considered by us in ITA No. 5573/DEL/2016 [supra]. For our detailed discussion therein, Ground No. 1 is dis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... us persons related to the source of payments by SHPL, PCPL DMPL to MUL the AO has not brought on record any material found during the search or during post search/assessment proceedings so as to say that the source of the money utilized by SHPL, PCPL DMPL for payments against the purchase of shares from MUL was in fact the unaccounted money of MUL routed through non-banking channels. I have also examined the confirmations of account, the bills of the sale of shares, the share transfer forms, the ITRs, audited accounts and the bank statements of SHPL, PCPL DMPL submitted in the PB, also submitted before the AO with their various replies mentioned earlier in this order, and I do not find anything adverse so as to conclude that the source of the money utilized by PCPL, DMPL SHPL for payments to MUL was in fact the unaccounted money of MUL. Even on consideration of the status of the impugned shares of NCPL and LMPL post sale by MUL, the shares were delivered to SHPL, PCPL DMPL and if any adverse inference on material evidence was necessitated it was to be considered in the hands of PCPL, DMPL SHPL. Besides, from the assessment order it is apparent that the initial purchase ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assuming, yet not accepting that the sale consideration is bogus, then the question which has to be answered by the Assessing Officer is that where did the purchase money go since he has accepted the purchase of shares of two companies? Considering the facts of the case in hand in totality, we do not find any error in the findings of the CIT(A). This ground is also dismissed. 21. The last grievance relates to the deletion of addition of ₹ 5 lakhs made by the Assessing Officer. 22. The impugned addition has been made on the premise that the assessee has claimed rent payment expenditure to M/s Trinity Shipping and Allied Services Pvt Ltd. The Assessing Officer treated the same as not properly explained and made the addition. 23. The CIT(A) deleted the addition on finding that no payment of rent and hire charges were paid to M/s Trinity Shipping and Allied Services Pvt Ltd. 24. Before us, the ld. DR also could not demonstrate that the assessee has actually made any payment to M/s Trinity Shipping and Allied Services Pvt Ltd. That being the fact of the matter, no interference is called for. This ground is dismissed. ITA No. 6661/DEL/2016 25. The only grieva ..... X X X X Extracts X X X X X X X X Extracts X X X X
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