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TMI Blog2023 (2) TMI 633X X X X Extracts X X X X X X X X Extracts X X X X ..... by the assessee stands dismissed. X X X X Extracts X X X X X X X X Extracts X X X X ..... s indeed surprising that the assessee has been attempting to pass off these transactions as genuine. It is quite possible that the assessee could have succeeded in its design but for the search in the case of Jain Brothers where complete evidence of colorable mechanism used by the assessee has been seized. The documents are self-speaking and giving graphic picture of the modus operandi adopted by the parties involved. It is quite disturbing to note the ease with which the assessee has been conducting its affair transforming its unaccounted money into regular transactions. The law allows the Assessing Officer to lift the corporate veil to unmask the real from the apparent and also to go behind the transaction to understand their true import. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve, are squarely applicable to the facts and circumstances of the present case. It is obvious from these judicial decisions that - • Mere documentary evidences are not sufficient to establish the genuineness of transactions in all situations. • Creditworthiness was not proved by mere issue of a cheque or by furnishing a copy of statement of bank accounts. Circumstance might require that there should be some evidence of positive nature to show cause that the said subscribes had made a genuine investment, acted as angel investors, after due diligence or for personal reasons. • Where there is admission before the investigation wing of the department that the subscribers to share capital had availed accommodation from bo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly impossible to prove the matter in question. Since in this case the appellant had made the claim that it had received genuine share application money, all the facts were especially within its knowledge. 5.2.19 In the present case, as discussed above, there is overwhelming evidences as discussed in details in the order that the transactions on which adverse views have been taken are pre-arranged transactions under taken with the sole motive to evade tax. 5.2.20 All these above mentioned cases are also applicable to the facts and circumstances of the present case in which the various judicial authorities have decided the cases in favour of revenue after going through the entirety of the facts and circumstances. The case laws relied up ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... firmed. The grounds of appeal are dismissed." 5. Against this order, assessee is in appeal before us. We have heard the ld. DR for the Revenue. Nobody appeared on behalf of the assessee despite several notices. Hence, we proceed to decide the issue after hearing the ld. DR for the Revenue and perusing the records. 6. We find that in this case, assessee has received bogus share capital and share premium from S.K. Jain group of cases. Assessee has not submitted any cogent material to dislodge the findings of the AO and ld. CIT (A). Ld. CIT (A) has passed a very elaborate order considering all facets of the case. In our considered opinion, there is no infirmity in the same, hence we uphold the same. 7. In the result, this appeal filed by t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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