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TMI Blog2016 (3) TMI 1348X X X X Extracts X X X X X X X X Extracts X X X X ..... has adequately explained the identity, creditworthiness and genuineness of the transaction of share application money of ₹ 4851000/- deposit in cash in name of M/s. Anshu Tradex Pvt. Ltd with the assessee. Hence we confirm the order CIT (Appeals) deleting the addition u/s 68. - Decided in favour of assessee. - ITA No.117/Del/2012 - - - Dated:- 8-3-2016 - SHRI H.S. SIDHU, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER For the Appellant : Sh. G.C. Srivastava, Adv, Sh. Anubhav Jain, Adv For the respondent : Sh. T. Vasanthan, Sr. DR ORDER PER PRASHANT MAHARISHI, A. M. 1. This appeal is preferred by the revenue against the order of learned Commissioner of Income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dings the assessee furnished following details regarding that company:- i. confirmation of account ii. Memorandum of articles of assessment iii. Audited financial results of the company as on 31.03.2008 iv. Copies of return of income filed for Assessment Year 2008-09 to Assessment Year 2010-11 v. affidavit from Authorized person of M/s. Anshu Tradex Private Limited that share application money was given to the assessee in cash. vi. A copy of ledger account of M/s Anshu Tradex Pvt. Ltd in the books of the assessee company. 5. Based on the above information the ld AR issued notice u/s 133(6) of the Act to the depositor for independently confirming the transaction, which remai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the books of the assessee company and depositor has also received the cash from M/s. Godavari Build well Pvt. Ltd and therefore it does not prove genuineness of the transaction. He relied on the decision of Hon ble Delhi High Court in the case Commissioner of Income-tax Vs. Navodaya Castles (P.) Ltd. 367 ITR 306 (Del) which has been upheld by Hon ble Supreme Court in 230 Taxmann 268. ii. It was also his contention that when notices issued u/s 133(6) of the act remained un-responded and when it is submitted that it belongs to a group of the well known builder such as Emaar MGF, transaction should have been initiated not in cash but through the banking channel. He further submitted that there is no evidence that company belongs t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tted the copy of the cash book and bank statement of that party. During the course of hearing he referred to the various pages of the paper book, wherein the confirmation, the income tax details, the cash book of the lender which shows the relevant transaction, source of the source of money deposited with the assessee he submitted relevant pages of the cash book and balance-sheet of the company from whom the cash is received by Anshu Tradex private Limited. Therefore he contended that in absence of any flaw in the trail of money though in cash where all the parties are tax assessee and the trail of the funds is corroborated by the adequate evidence. He further submitted that merely the return of income is at low amount cannot be the basis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Godavari build well private Limited. All these transactions are reflected in the books of account of the Godavari Build well Pvt Ltd who deposited money in favour of M/s. Anshu Tradex Pvt. Ltd. and in the books of M/s. Anshu Tradex Pvt. Ltd who deposited money with the assessee company. All the parties involved in these transactions are submitted to belong to Emmar MGF. The transactions are also reflected in the balance sheet of various companies involved in these transactions and each of the parties have confirmed these transactions. Further an amount of cash received during the year is only ₹ 4851000/- and not ₹ 49 lacs as added by the AO. The amount of ₹ 49000/- was outstanding as an investment in the books of M/s Ansh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee is dismissed by honorable supreme court. In that case the summons u/s 131of the act were issued to the directors/ principal officers of the company and reopening was based on the report of investigation wing of the income tax department. These summons were received back unserved and therefore OA got hold of the bank statements of the depositors. In the bank statements huge cash is deposited and large number of cheques were issued. Most importantly that case was in relation to entry operators and accommodation entry providers. We are of the view these are not the facts of the present case. Second bunch of cases relied up on by the LD DR. is relating to the duty of the tribunal to make/ direct inquiry in case the lower authorities fai ..... X X X X Extracts X X X X X X X X Extracts X X X X
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