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TMI Blog2020 (9) TMI 1290X X X X Extracts X X X X X X X X Extracts X X X X ..... of assessee. - IT(SS)A No. 1/Kol/2019 And IT(SS)A No. 2/Kol/2019 - - - Dated:- 16-9-2020 - Sri J. Sudhakar Reddy, Hon ble Accountant Member And Sri S.S. Godara, Hon ble Judicial Member For the Assessee : Shri Miraj D. Shah, A/R. For the Revenue : Shri Imokaba Jamir, Addl. CIT D/R. ORDER PER J. SUDHAKAR REDDY, AM Both these appeals filed by the revenue are directed against the separate but identical orders of the Learned Commissioner of Income Tax (Appeals) - 21, Kolkata, (hereinafter the Id. CIT(A) ), passed u/s. 250 of the Income Tax Act, 1961 (the 'Act'), both dt. 04/10/2018, for the Assessment Years 2013-14 2015-16. 2. The assessee is company and belongs to the Golden Goenka Group. A search and seizure operation u/s 132 of the Act, was conducted on the Golden Goenka Group of companies on 17/03/2015 in some of the business premises of this group. Survey operations were also carried out u/s 133A of the Act. The Assessing Officer records that the Golden Goenka Group was engaged in the business of financing, trading and investments in commodities and shares, mutual funds, real estate and beverages. A search warrant was executed in the ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed cash for infusing share capital/premium for the Financial Year 2012-13 and 2014-15. He relied on Section 292C of the Act for the presumption that the documents referred above and the entries recorded therein belonged to the assessee. The assessee was asked vide letter dt. 16/11/2017 to explain these entries. In his reply dt. 06/12/2017, the assessee submitted that what was found and seized was a pen drive in the possession of one of employees of the group concern M/S. Girdhar Fiscal Services (P) Ltd., Mr. Pradip Kumar Parasramka and the acronym SKB-LG does not represent the assessee or its directors or their family members or their business concerns. It was also alleged that print outs were taken from the pen-drive seized from Mr. Pradip Kumar Parasramka by the authorities and Mr. Pradip Kumar Parasramka was forced to write on one of the sheets of paper (GG/IO Page-28) that a sum of Rs.25 Crores was given in cash to arrange share capital/premium for M/S. Golden Goenka Fincorp Ltd. on 05/04/2015 and that on the other sheet of paper he was forced to write that a sum of Rs. 5 Crores was given on 04/04/2014 and a sum of Rs. 10 Crore was given on 08/04/2014 in cash for arranging shar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uments have also been corroborated by the entries recorded in the books of accounts GG/8, GG/4 etc., which were found and seized in the office premises of M/S. Golden Goenka Fincorp Ltd., during the course of search and seizure operation on 17/03/2015. He took this Bench through a comparative chart and relied on the inference drawn by the Assessing Officer and submitted that the retraction made by the assessee was an afterthought and not based on any evidence. He submitted that the Id. CIT (A) was wrong in accepting this retraction without evidence. He vehemently contended that sufficient evidence was found by way of incriminating material during the course of search and the examination on oath of the assessee revealed that these are unaccounted transactions and that based on such admission, the Assessing Officer has rightly made the addition. He relied on the judgment of the Hon'ble Madras High Court in the case of B. Kishore Kumar vs. DCIT reported in [2014] 52 taxmann.com 449 (Madras), for the proposition that when the Assessing Officer made an addition as undisclosed income on the basis of sworn statements of the assessee during search and seizure, tax was to be levied on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce the presumption u/s 292C of the Act, cannot be applied. Further pointing out to the notings in those papers, he submitted that name of certain individuals are found recorded therein and these noting have no connection and have nothing to do with the assessee company. He took this Bench, through the contents of the documents as recorded by the Assessing Officer and vehemently contended that these contents cannot be linked with the assessee company. He further submitted that the allegation is that in April, 2012, cash was given to entry operators and it was only in August and October that the assessee received share capital with premium as an exchange for the cash paid. He submitted that such long gap of about 6 to 8 months demonstrates that no such transactions took place, as no entry operator would be allowed to keep cash with them for such long periods. He took this Bench through each of the findings of the Id. CIT (A) and supported the same. He pointed out that the Assessing Officer has not brought on record any evidence in support of the writing with pen on the printouts taken out from the pen drive and there was no cash trail or any other corroborative evidence or investig ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imited company engaged in the providing non- banking financial servces and is listed on NSE BSE. Search action u/s 132 was conducted upon the Golden Goenka Group on 17.03.2015 of which the assessee company is the flagship concern. Warrant of authorization was' issued and subsequent panchnamas were also drawn in the name of the appellant. In the course of search operations various documents were seized in the course of search which inter alia included documents ID Marked GG/IO- Page 28 GG/2 Page 71. The document ID Marked GG/IO- Page 28 was a trial balance of 'SKB' for the year 2002-03 on which there was a noting that cash paid on 05.04.2012 for arranging share capital in Golden Goenka. On 17.03.2015, Shri G L Goenka, Director of the appellant was confronted with the aforesaid document and in reply to Question No. 21 he affirmed the contents of the document. Additionally, he also suo moto offered sum of Rs 40 crores by way of undisclosed income for which he sought time to furnish detailed break-up in due course. Subsequently upon operation of the last warrant of authorization was issued on 24.04.2015, another statement of Shri Goenka was recorded wherein although he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nvestigation Officer as well as the l.d. AO to establish any cash trail etc. with reference to the alleged notings found in the seized document, (e) that the share capital was received from the group entities of the Golden Goenka Group and hence the allegation that undisclosed monies were routed into the assessee company by way of accommodation entries is factually erroneous, (f) that the dates found mentioned in the seized document and the actual date of receipt of share application are poles apart which shows that the notings made therein was bald, (g) without prejudice it was alternatively claimed that from the notings as well as the statement u/s 132(4) it was apparent that the cash, if any, was paid by Shri G L Goenka and hence It represented is undisclosed monies and not of the appellant-company and (h) the Ld. AO had already assessed income In excess ofRs.86 crores In the hands of Shri Goenka and therefore the benefit of telescoping be allowed to the appellant-company. Each of the contentions put forth by the Ld. AO has been dealt with independently below. 8. We find no infirmity in this order of the Id. CIT (A). The factual findings made by the Id. CIT (A) could n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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