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TMI Blog2023 (1) TMI 408X X X X Extracts X X X X X X X X Extracts X X X X ..... tion and addition, u/s 143(3) of the Act. Financial statements of Shri Sudhir Satnaliwala were on record which has been accepted in his assessment wherein transaction relating to taking of secured loans from HDFC Bank and Aditya Birla Finance Ltd and giving of security deposits to the 12 allottee companies for securing the lease arrangement in respect of 12 dwelling units from the 12 allottee companies, has been duly reported. We also note that in the paper book all the documents pertaining to share capital transaction with all the 12 allottee companies are placed on record. Thus investment made by the 12 allottee companies has been duly established with corroborative evidence is on record, more particularly when the concerned Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are that assessee filed its return of income on 08.01.2013 reporting total income at ₹1,150/-. The case was selected for scrutiny assessment under CASS for which statutory notices were issued and served on the assessee which were duly complied with. In the course of assessment it was noted that assessee had raised capital by the issue of 48,130 shares having face value of ₹10/- each with a premium of ₹490/- per share, aggregating to ₹2,40,65,000/-. Details of shares application money received by the assessee during the year under consideration and number of shares allotted to each of the subscribers is tabulated below which is also reproduced in the order of Ld. CIT(A). 4. Shri Sudhir Satnaliwala is the dire ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 5. In the course of first appellate proceedings, Ld. CIT(A) noted that Shri Sudhir Satnaliwala runs a hotel through his proprietorship concern known as Check-in Check-out . This proprietorship concern had 12 dwelling units which together constituted the said hotel. Each of these 12 bailing units are proportionately owned by 12 above listed allottee companies. Shri Sudhir Satnaliwala runs the hotel and he is the common director in all the 12 allottee companies as well as director in the assessee company along with other family members. Ld. CIT(A) also noted that Shri Sudhir Satnaliwala gave security deposits from his proprietary concern Check-in Check-out for lease agreement in respect of the dwelling units owned by the 12 allottee c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Department. Ld. Counsel for the assessee has placed on record a paper book containing 216 pages in respect of support of his claim in the instant appeal. 7. Ld. Counsel for the assessee reiterated the submissions made before the authorities below which are not repeated for the sake of brevity. Additionally he pointed to the balance sheet of the proprietary concern of Shri Sudhir Satnaliwalaas on 31.03.2012, placed in the paper book from page 205. He pointed out to the fact that secured loans were availed in the proprietary concern from HDFC Bank and Aditya Birla Finance Ltd, closing balance of which reported in the said balance sheet was Act ₹7,47,19,770/-. He then submitted that this secured loan was utilised in giving security ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for securing the lease arrangement in respect of 12 dwelling units from the 12 allottee companies, has been duly reported. We also note that in the paper book all the documents pertaining to share capital transaction with all the 12 allottee companies are placed on record. 10. Considering the factual matrix of the present case wherein investment made by the 12 allottee companies has been duly established with corroborative evidence is on record, more particularly when the concerned Assessing Officer in the assessment order of Shri Sudhir Satnaliwala (common director for all) passed under section 143(3) of the Act, has accepted the same, we do not find any reason to interfere with the facts-based finding given by the Ld. CIT(A). Accordin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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