9911796707
TMI Blog2015 (12) TMI 1864X X X X Extracts X X X X X X X X Extracts X X X X ..... y has uploaded on the website of MCA and same information is supplied by the assessee and lender company to the AO. On perusal of information received it does not suggest that the company is not in existence or the sources of the funds which are given as loan to the assessee trust are not proper in spite of the compliance made by lender by making himself available before AO for examination. It is also not important that whether the company is carrying on any business activity or not but what is important is that funds lent by that company are also shown in the balance sheet of the lender who is assessed to Income Tax - assessee has discharged its onus cast up on as per the provisions of section 68 by proving identity, creditworthiness an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lances and loans and advances. No business activity is carried on by this company. Therefore as there was an addition of ₹ 2,94,00,000/- in AY 2009-10, AO also made an addition of ₹ 2,95,00,000/-in this year u/s 68 of the Act, on identical facts, despite assessee filing confirmation of the company supported by the Income tax returns of the company and also produced the director of the company who was examined and he also submitted the audited annual accounts of the company. Assessee aggrieved with the order of AO carried the matter before CIT (A) who relying on his orders pf AY 2009-10 in appeal no 248/11-12 dated1/5/2012 deleted the addition. Therefore revenue is in appeal. 3. Ld. DR submitted that assessee trust has receive ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imited and same were deposited in union bank of India and then cheques were issued to the assesee trusts. These facts were also confirmed by AO in remand proceedings also. Now looking at the information that has been gathered by AO from ADIT is very simple which is available in case of every company and is also based on the information filed by those companies as per the Companies Act 1956. Therefore it is the same information which company has uploaded on the website of MCA and same information is supplied by the assessee and lender company to the AO. On perusal of information received it does not suggest that the company is not in existence or the sources of the funds which are given as loan to the assessee trust are not proper in spite o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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