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TMI Blog2020 (4) TMI 762X X X X Extracts X X X X X X X X Extracts X X X X ..... eing bereft of merits are dismissed. However, respondent No. 3 is directed to decide the appeal filed by the petitioner within thirty days from the date the Lockdown ends. - W.P.(C) 2952/2020 - - - Dated:- 8-4-2020 - HON'BLE MR. JUSTICE MANMOHAN AND HON'BLE MR. JUSTICE SANJEEV NARULA Petitioner Through: Mr. Manoj K.Singh with Mr. Vijay K. Singh, Ms. Daizy Chawla and Ms. Kanishka Prasad, Advocates Respondent Through: Mr. Asheesh Jain, CGSC for R-1. Mr. Zoheb Hossain, Standing Counsel for R-2 to 4. JUDGMENT MANMOHAN, J: (Oral) CM No. 10253/2020 Allowed, subject to just exceptions. W.P.(C) 2952/2020 CM No. 10252/2020 1. The present petition under Article 226 of the Constitution of India has been listed before this Bench by the Registry in view of the urgency expressed therein. 2. The writ petition has been heard by way of video conferencing. 3. It is pertinent to mention that the present writ petition has been filed seeking quashing of the order dated 11th March, 2020 passed by Principal Commissioner of Income Tax-5 (Respondent No.2) and order dated 28th February, 2020 passed by Deputy Commissioner of Income Tax (Respondent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8. Where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited may be charged to income-tax as the income of the assessee of that previous year: Provided that where the assessee is a company (not being a company in which the public are substantially interested), and the sum so credited consists of share application money, share capital, share premium or any such amount by whatever name called, any explanation offered by such assessee-company shall be deemed to be not satisfactory, unless- (a) the person, being a resident in whose name such credit is recorded in the books of such company also offers an explanation about the nature and source of such sum so credited; and (b) such explanation in the opinion of the Assessing Officer aforesaid has been found to be satisfactory: Provided further that nothing contained in the first proviso shall apply if the person, in whose name the sum referred to therein is recorded, is a venture capital fund o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is reproduced hereinbelow:- The assessee has provided details of registered addresses of the company M/s Glebe Trading Pvt. Ltd. which has changed thrice as below: Satyagruh Chavani, Lane No.21, Bunglow No.508, Jodhpur Cross Road Satellite, Ahmedabad, Gujarat w.e.f. 10.10.2010 (date of incorporation) A-1, UPSIDC Industrial Area, Nandgaon Road, KosiKalan, Mathura, Uttar Pradesh w.e.f. 26.12.2017 (date of order of Regional Director, RoC, UP) H.No.2, C-2, Staff Colony, Machinery Division 13 Km Stone, MandirHasaud, GE Road, Raipur City w.e.f. 29.11.2018 (date of order of Regional Director, RoC, Chhatisgarh) xxx xxx xxx Though the assessee has provided various registered addresses of M/s. Glebe Trading Pvt. Ltd., no proof of the company having actually existed at these addresses has been provided. The assessee has stated that the company has filed form INC 22A along with geographical location of the registered address of the company and photo of the premises along with photo of director as required by the Companies A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... up/commenced or having made efforts to set up/commence its business for pursuing its main objects as stated above in its MOA. No income has been generated by this company in the course of pursuing its main objects. Ancillary activities are in the nature of supporting activities to the Main activities of the company. They are consequential to the company pursuing its Main objects . As per its MOA this company s main object of business is whole sale trading but no proof of any trading activity having ever been carried out by it has been furnished by the assessee. The assessee has stated that the company is registered with Trade and Taxes Department and under Goods and Service Tax, however it has failed to produce any returns filed with them to prove that any trading activity is being carried out. Further, as per the returns of income filed by the above entity, the total income declared by it for various assessment years is as under:- (Table A) Sl.No. AY Glebe Trading Pvt. Ltd. 1 2011-12 0 2 2012-13 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such huge quantum of unsecured loans to Jindal Saw group concerns. The assessee was further asked to provide the number of employees working in the company from the date of incorporation till 31.03.2017 along with their Name, PAN, Address, Proof of employment such as salary slips, form 16 etc. was also sought. In reply the assessee stated that the company has two directors and one employee but provided no proof of payment of any salary to any of them. The directors of the company are as under: DIN Name Narendra Mantri 02626772 Veni Verma 07586927 It is seen that the above directors are also directors in the following companies: Narendra Mantri (DIN 02626772), is also director in: -Quality Iron and Steel Ltd. -Groovy Trading Pvt. Ltd. -Glebe Trading Pvt. Ltd. -JWIL Infra Ltd. -Jindal Quality Tubular Ltd. M/s. JWIL Infra Ltd. and Jindal Quality Tubular Ltd. are known Jindal Saw Group companies. Veni Verma (DIN 07586927), is also director in: -JITF Infralogistics Ltd. -Gl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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