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TMI Blog2023 (7) TMI 229X X X X Extracts X X X X X X X X Extracts X X X X ..... TAT DELHI] of the Tribunal wherein substantial additions in the hands of M/s. Surya Processed Food Pvt. Ltd. have also been deleted since the income has already been taxed in the hands of M/s Surya Food and Agro Limited. Ground raised by Revenue is sustained for statistical purposes and the issue is restored to the files of Ld. CIT(A) with direction to decide the issues afresh - Revenue appeal allowed for statistical purposes. X X X X Extracts X X X X X X X X Extracts X X X X ..... n to prove the identity and credit worthiness in respect of source of the credits and genuineness of transactions by adjudging itself as shell company. It is proved beyond doubt that M/s Surya Processed Food Pvt. Ltd is beneficiary of funds to the tune of Rs. 15,62,50,000/- in AY 2013-14. I therefore, hold that substantive addition of Rs. 15,62,50,000/- in the case of M/s Surya Processed Pvt. Ltd. is justified whereas, in the facts and circumstances of the case, the protective addition of Rs. 15,62,50,000/- in the hands of the appellant company is not justified and therefore deleted. Ground No. 2 is accordingly allowed." 5. The order dated 07.05.2019 of co-ordinate Bench placed on record by Ld. DR indicates that additions in the hands of M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee. 20. Learned DR has contended that the conclusion drawn by the ITAT in the order of stay is a wrong conclusion and should not be relied upon while deciding the appeals on merits. However, after considering the submissions of both the sides and the facts of the case and going through the orders of the lower authorities as well as Settlement Commission, we entirely agree with the above finding of the ITAT given in the stay petitions. From the assessment order, the relevant portion of which has already been reproduced above in this order, it is clear that the stand of the Assessing Officer throughout was that there was undisclosed income of the Surya Group which is routed in the form of share capital in the group companies by ob ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e above, we entirely agree with order of the ITAT passed in stay petition wherein the ITAT held that the disclosure has been made by the company who has earned the undisclosed income and routed in books through the petitioner companies as unaccounted share capital. The application of the income is taxed in the hands of the petitioner companies apparently it seems and sources of income is taxed in the hands of Surya Food and Agro Ltd. Therefore prima facie the case of the assessee shows that there is double taxation, once the source of income and secondly the application of income. We entirely agree with the above finding of the ITAT in the order passed in the stay petition filed by M/s Surya Processed Food Pvt.Ltd. and M/s Surya Agrotech In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... us where the Ld. CIT(A) in the case of present assessee had observed that M/s. Surya Processed Food Pvt. Ltd. is ultimate beneficiary and while confirming the substantial additions in hands of M/s. Surya Processed Food Pvt. Ltd. had deleted the protective additions in the hands of present assessee, the same require reconsideration on merits, in the light of orders dated 07.05.2019 of the Tribunal wherein substantial additions in the hands of M/s. Surya Processed Food Pvt. Ltd. have also been deleted since the income has already been taxed in the hands of M/s Surya Food and Agro Limited. 6. In the light of aforesaid, ground raised by Revenue is sustained for statistical purposes and the issue is restored to the files of Ld. CIT(A) with dire ..... X X X X Extracts X X X X X X X X Extracts X X X X
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