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TMI Blog2019 (1) TMI 1344X X X X Extracts X X X X X X X X Extracts X X X X ..... ings recorded by the Tribunal in affirming addition of Rs. 5.27 crores on account of bogus share capital under Section 68 of the Income Tax Act, thereby affirming the order passed by the Assessing Officer and reversing the findings recorded by the Commissioner of Income Tax (Appeals). 3. The appellant-assessee was subjected to search and seizure operations under Section 132 of the Act on 10th November, 2004 and thereafter notice under Section 153A of the Act was issued. During the pendency of the said proceedings, the appellant-assessee also approached the Settlement Commission on disclosing the undisclosed income of Rs. 17 lacs. 4. However, as the tax on the undisclosed income was not paid, settlement application was dismissed as not mai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a Steels Pvt. Ltd. 10-3596, Regarpur Karol Bhag, New Delhi 2,00,000 20,00,000 28.02.2002 28.02.2002 28.02.2002 Bic Consultants Pvt. Ltd. 204,Delhi Chamber, Delhi Gate, New Delhi 50,000 5,00,000 28.02.2002 28.02.2002 28.02.2002 Sehgal Fluid Equipment RZ-41A, Mohan Nagar Pankha Road, New Delhi 1,00,000 10,00,000 30.03.2002 30.03.2002 30.03.2002 FNS Consultancy Pvt. Ltd. A-66, Tagore Garden, New Delhi 1,50,000 15,00,000 30.03.2002 30.03.2002 30.03.2002 Rajesh Kumar Gupta 127, Mohalla Kanjimal Dasna Gate (Ghaziabad) 30,000 3,00,000 30.03.2002 30.03.2002 30.03.2002 Maestro Marketing Adversiting Pvt. Ltd, A-4/181, Sec-17, Rohini Delhi-85 1,50,000 15,00,000 30.03.2002 30.03.2002 30.03.2002 Harish Bhashin T-1, Ra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng & Finance Ltd. A-4/181, Rohini Sector-17, New Delhi 1.25.000 12,50,000 13.12.2001 13.12.2001 13.12.2001 Polo Leasing & Finance Ltd. A-4/181, Rohini Sector-17, New Delhi 1,00,000 10,00,000 28.02.2002 28.02.2002 28.02.2002 M.v. Marketing Pvt. Ltd. A-32, Tagore Garden(Ext) New Delhi 1,00,000 10,00,000 10.12.2001 10.12.2001 10.12.2001 M.v. Marketing Pvt. Ltd. A-32, Tagore Garden(Ext) New Delhi 20,000 2,00,000 28.02.2002 28.02.2002 28.02.2002 Shree Niwas Leasing & Finance Ltd. A-10,204 Sai Bhawan, Ranjeet Nagar, New Delhi 60,000 6,00,000 10.12.2001 10.12.2001 10.12.2001 Shree Niwas Leasing & Finance Ltd. A-10,204 Sai Bhawan, Ranjeet Nagar, New Delhi 50,000 5,00,000 28.02.2002 28.02.2002 28.02.2002 Laxman I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itan Securities Ltd. A-2/3, Lusa Tower, Azadpur, New Delhi 2,00,000 20,00,000 28.02.2002 28.02.2002 28.02.2002 Tanuja Industries Credit A-2/3, Lusa Tower, 3rd Floor, Azadpur, Delhi 75,000 7,50,000 28.02.2002 28.02.2002 28.02.2002 Arun Finvest Pvt. Ltd. CA/16-D, Hari Nagar, New Delhi 2,00,000 20,00,000 28.02.2002 28.02.2002 28.02.2002 Fair N Saquare A-66, Tagore Garden Ex, New Delhi Fair N Saquare A-66, Tagore Garden Ex, New Delhi 2,00,000 20,00,000 28.02.2002 28.02.2002 28.02.2002 Surya Udyog 4832/24, Ansari Road, Daryaganj, New Delhi 2,00,000 20,00,000 28.02.2002 28.02.2002 28.02.2002 Zed Leasing & Finance 4A, Pusa Road, New Delhi 60,000 6,00,000 28.02.2002 28.02.2002 28.02.2002 Zed Leasing & Finance 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of bogus share capital should be restricted to Rs. 1.55 cores. 7. We do not find any reasons and ground to accept the said submission as it is accepted that the bogus share capital received on different days amounted to Rs. 5.72crores. The amount paid was not returned and refunded. This being the position, we are not inclined to accept the contention of the appellant-assessee that there was rotation of money and only bogus share capital of Rs. 1.55 crore should have been added as undisclosed credit under Section 68 of the Act. 8. At this stage, learned counsel for the appellant-assessee states that Rs. 62 lacs was added as undisclosed cash credit for Assessment Years 19992000 to 2002-03. It is stated that the appellant-assessee has f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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