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TMI Blog2021 (2) TMI 1006X X X X Extracts X X X X X X X X Extracts X X X X ..... ate not a single piece of evidence is placed on record to prove the identity, genuineness of transaction of transaction and creditworthiness of the investor company. The assessee was given a number of opportunities to represent their cases, but the assessee failed to respond and honour the notices issued by this Tribunal. In view of the aforesaid discussion, we do not find any merit in the grounds of appeal raised of the assessee, accordingly, grounds of appeal raised by assessee are dismissed. - I.T.A No.794/AHD/2016 - - - Dated:- 19-1-2021 - Shri Pawan Singh, Hon'ble Judicial Member And Dr. Arjun Lal Saini, Hon'ble Accountant Member For the Assessee : None For the Revenue : Smt. Anupama Singla Sr.DR ORDER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion, the ld.Assessing Officer noted that out of all shareholders, four parties are Kolkata based from whom the assessee has received share application money. The ld.Assessing Officer identified the following companies based on Kolkata: Sr.No. Name address of shareholders PAN Amount of share capital Share Premium 1 Kumkum Suppliers Pvt. Ltd, 127, N.S. Road, 1st Floor, RoomNo.8, Kolkata 700 001. AACCK5918Q 150000 2850000 2 Giriganga Sales Pvt. Ltd, 127, N.S. Road, 1st Floor, RoomNo.8, Kolkata 700 001. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... its reply on 18.03.2014 and furnished the copy of memorandum of association, balance sheet, share application forms, copy of bank statement in respect of all investor companies of Kolkata. On further show cause as to why investment made by these companies should not be treated as unexplained cash credit under section 68 of the Act. The assessee reiterated that they have already furnished sufficient evidences and they have no control over the internal affairs of Investor Company. The explanations furnished by assessee was not accepted by Assessing Officer. The Assessing Officer on the basis of report furnished by DDIT, Kolkata that all these four investors have no real business or fixed asset, concluded that all investor companies are not cr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le on record. 6. The ld.Deartmental Representative for the Revenue supported the order of Lower Authorities. The ld.Departmental Representative further submits that during the assessment proceedings, the Assessing Officer noted that the assessee has received share application money from certain companies which were based in Kolkata. The ld.Assessing Officer, in order to verify the transaction issued commission under section 131(1)(d) of the Act to DDIT, Kolkata. The DDIT, Kolkata conducted investigation and reported that no such companies are available on the given address. The assessee was confronted with the report of commission. The assessee during the assessment could not substantiate the genuineness of transaction and creditworthine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ra 4.5 of the assessment order. The assessee in its reply stated that they have discharged their onus by furnishing copy of memorandum of assessment, balance sheet, share application, copy of bank statement reflecting the transaction. It was further stated that assessee has no control over the internal affairs of the investing company. The Assessing Officer did not find favour in the reply of assessee and treated the entire share application money invested by four Kolkata based companies as unexplained cash credit and accordingly made addition under section 68 of the Act. The ld.CIT(A) after detailed discussion concluded that the ld.Assessing Officer made effort to find out the so-called share application companies. The assessee could on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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