9911796707
TMI Blog2023 (1) TMI 216X X X X Extracts X X X X X X X X Extracts X X X X ..... he facts of the present case and in the case of group concern nor has pointed to any fallacy in the findings of Ld. CIT(A). Further the decisions relied upon the Revenue are distinguishable on facts and are therefore not applicable to the facts of the present case. Considering the totality of the aforesaid facts we find no reason to interfere with the order of Ld. CIT(A) on this issue and thus the grounds of Revenue are dismissed. - ITA.Nos.4952 to 4954/Del./2018, Cross Objection Nos.169 to 171/Del./2018 Arising out of ITA No. 4952 to 4954/Del./2018 - - - Dated:- 4-1-2023 - Shri Anil Chaturvedi, Accountant Member And Shri N.K Choudhry, Judicial Member For the Revenue : Ms. Sarita Kumari, Sr. DR For the Assessee : Shri Ved Jain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd residences of the Director, their family members and other business associate and key persons. A.O. has noted that during the search operation at the residence of Shri Abhay Maheshwari, a laptop was found and seized. On scanning the seized data it was found that M/s. Golf Link Hospitality Pvt. Ltd., had obtained unsecured loans, share application money and share capital from various doubtful entities including the assessee. Consequently notice u/s. 153C of the Act was issued on 30.05.2006 and in response to which assessee submitted a copy of acknowledgment of ITR filed on 04.07.2016 claiming loss of Rs. 6,79,663/- . Thereafter case was taken-up for scrutiny and consequently, assessment was framed under section 153C r.w.s 143(3) of the I. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lar books, without appreciating that since all the searched entities of the Yadav Singh Group were found to be engaged in routing the unaccounted funds by layering through various entities including assessee, controlled by them as mentioned in the satisfaction note, therefore the mere fact that the entries were recorded in regular balance sheet of the beneficiary could not by itself allow the treatment of such seized documents as nonincriminating in the context of entities providing accommodation entries i.e. assessee as the expression used in 153C is in relation to person other than the searched person. 3. Whether on facts and circumstances of the case and in law, the Ld. CIT(A) erred in law while holding that the seized balance shee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is no incriminating material for issuance of notice and therefore the assessment framed u/s. 153C were legally unsustainable and therefore quashed. 5. Before us, Ld. DR took us through the assessment order and submitted that during the course of search a laptop was found from the residence of Shri Abhay Maheshwari, and the data retrieved from the laptop had showed that Golf Link Hospitality Pvt. Ltd. had obtained unsecured loans from various doubtful entities including the assessee. She therefore submitted that the material found during the course of search was incriminating material and the A.O. was therefore justified in framing the assessment u/s. 153C. She submitted that Ld. CIT(A) has erred in holding that the assessment framed u/s. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the same satisfaction note. He submitted in that case, the coordinate bench of Tribunal vide order dated 28.02.2022 in ITA No. 4946 4949/Del/2018 had upheld the order passed by Ld. CIT(A) and has dismissed the appeal of the Revenue. He pointed to the copy of the aforesaid order which is placed at page no. 22 to 30 of the paper book. 8. He further submitted that assessee had not provided any unsecured loan to Golf Link Hospitality Pvt. Ltd. but in fact it was a case of investment in the share capital of Golf Link Hospitality Pvt. Ltd. He submitted that the amount of investment has been shown in the books of accounts of the assessee and no adverse inference has been drawn by A.O. in the reassessment order in relation to the transactio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of search and that there does not exist any incriminating document which belongs to or pertains to or relates to the assessee. He has further noted that the investments reflected in the Balance Sheet of Golf Link Hospitality Pvt. Ltd. were part of its regular books of accounts and was disclosed by the assessee and Golf Link Hospitality Pvt. Ltd. in the return of income and cannot be considered to be incriminating material. He has further given a finding that the A.O. has not made any addition on the basis of any incriminating material found and further it does not co-relate with the satisfaction noted by A.O. CIT(A), by following the decision of Hon ble Apex Court in the case of Sinhgad Technical Education Society (supra) and Hon ble ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
