9911796707
TMI Blog2022 (1) TMI 426X X X X Extracts X X X X X X X X Extracts X X X X ..... eal before us is for Assessment Year 2010-11. Therefore, we do not find any merit in the submissions of the ld. DR. Coming to the facts of the case, we find that there is no reference of any incriminating evidence found at the time of search which makes the ratio laid down in the case of Kabul Chawla [ 2015 (9) TMI 80 - DELHI HIGH COURT] and Meeta Gutgutia [ 2017 (5) TMI 1224 - DELHI HIGH COURT] squarely apply. Since the addition made by the Assessing Officer is not based on any incriminating material found as a result of search on the assessee we do not find any error or infirmity in the findings of the ld. CIT(A). - Decided in favour of assessee. - ITA No. 6176/DEL/2018 CO No. 213/DEL/2018 ITA No. 6177/DEL/2018 CO No. 214/DEL/20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ital and share premium from non-descript companies based in Kolkata and Delhi. It was alleged that the shares were originally issued at very high premium rates which were repurchased by family member of director/promoter and/or group company from the non descript share holder at very nominal rate. 5. During the course of search and seizure operations, statement of one Shri Gopal Agarwal was recorded on 08.07.2017 and 09.07.2017 wherein he was confronted with the facts about the share capital /high share premium received from Kolkata based company, in response to which, he failed to provide any justification for high share premium received non-descript company. 6. During post search enquiry, statement of one Shri Madho Gopal Agarwal wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6 BADAL COMMOTRADE PRIVATE LIMITED 18 A, RAMKANTA BOSE STREET, KOLKATA, WEST BANGAL-700003 1 0 , 0 0 0 1 0 , 0 0 0 0 1,900,000 7 CONTSHIP COMMODITIES PVT. LTD. 85 N.S.ROAD, KOLKATA -01 15,000 15,0000 2,850,000 8 GILTEDGE VINCOM PRIVATE LIMITED 85 N.S.ROAD, KOLKATA -01 12,500 12,5000 2,375,000 9 DAISY ABHRA PRIVATE LIMITED 18 A, RAMKANTA BO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TD 85 N.S.ROAD, KOLKATA -01 12,500 12,5000 2,375,000 17 TRAMMEL TRADING PVT LTD 85 N.S.ROAD, KOLKATA -01 12,500 12,5000 2,375,000 18 CONTSHIP COMMODITIES PVT. 85 N.S.ROAD, KOLKATA -01 12,500 12,5000 2,375,000 19 MAPLE MERCANTILE PRIVATE LIMITED 18 A, RAMKANTA BOSE STREET, KOLKATA, WEST BANGAL-700003 12,500 12,5000 2,375,000 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2,375,000 27 TIEUP TRADING PVT. LTD. WANDLALYUS HOUSE, 25 SWALLOW LANE 4TH FLOOR, HARE ST KOLKATA WEST 10,000 10,0000 1,900,000 28 DOLPHIN MERCHANDISE HMP HOUSE,4, FAIRLIE PLACE, 6TH FLOOR, ROOM NO.607, KOLKATA, WEST BENGAL-700001 25,000 25,0000 4,750,000 29 PICASONA RAIL ENGINE ERS 85 9, LAL BAZAR STREET NO. 10, 1ST FLOOR, KOLKATA, 25,000 25,0000 4,750,000 Total ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting evidence found and drawing support from the decision of the Hon'ble Jurisdictional High Court of Delhi in the case of Kabul Chawla 380 ITR 573, the ld. CIT(A) directed the Assessing Officer to delete the impugned addition. 11. Before us, the ld. DR vehemently stated that the entries in the books of account are also incriminating material if unsubstantiated during search proceedings. It is the say of the ld. DR that the list of transfer of shares, which could not be explained properly, is incriminating material for the year under consideration. Therefore, the decision relied upon by the ld. CIT(A) is factually different from the facts of the case in hand. 12. We have given thoughtful consideration to the contention of the ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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