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TMI Blog2023 (7) TMI 1264X X X X Extracts X X X X X X X X Extracts X X X X ..... d any reason to interfere with the findings of the ld. CIT(A). Decided in favour of assessee. - ITA No. 6695/DEL/2017 - - - Dated:- 19-7-2023 - SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER AND SHRI ANUBHAV SHARMA, JUDICIAL MEMBER For the Assessee : Shri M.P. Rastogi, Adv Shri Manish Kumar Jha, Adv For the Department : Shri T. James Singson, CIT- DR ORDER PER N. K. BILLAIYA, ACCOUNTANT MEMBER : - This appeal by the Revenue is preferred against the order of the ld. CIT(A) - 2, New Delhi dated 30.06.2017 pertaining to Assessment Year 2012-13. 2. The solitary grievance of the Revenue is that the ld. CIT(A) erred in deleting the addition of Rs.10.89 crores made by the Assessing Officer u/s 68 of the Income-tax Act, 1961 [the Act, for short] 3. The representatives of both the sides were heard at length, the case records carefully perused and we have duly considered the documentary evidences brought on record in the form of Paper Book in light of Rule 18(6) of ITAT Rules. 4. Briefly stated, the facts of the case are that while scrutinizing the return of income for the year under consideration, the Assessing Officer found that the assessee has received ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 133(6) of the Act at the addresses provided by the assessee and out of 19, 5 notices were received unserved with the remarks as under: 1. MIs Meqatech Realtors Pvt. Ltd Left 2. MIs Lotus Dealmark Pvt. Ltd Not known 3. MIs Zoom Building Material Products Pvt. Ltd Firm closed returned to sender 4. MIs AMS Powertronic Pvt. Ltd No such firm at such address 5. MIs Assemble Construction Pvt. Ltd Insufficient address 6. The Assessing Officer deputed an Income tax Inspector to make field enquiry about share applicants situated at Delhi. The inspector submitted his report as under: S.No. Name of the share applicants Remarks 1. MIs Evergreen Realcon Pvt. Ltd, 210, Karkardooma, Delhi-94 No such company in existence at given address 2. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h huge transactions, do not any functional business activity, their annual income as declared in their ITRs is very nominal, and the annual turnover declared by these companies/persons in their P L account is in no way commensurate with the voluminous financial transactions routed through their bank accounts. Therefore, it is clearly evident that none of these share applicants have any financial worth of their own. IV. All the share applicants were applied for allotment of shares with the assessee company between 15.09.2011 to 19.09,2011, whereas the assessee company had not made any publication for share capital, how it can possible that all the share applicants were transferred the fund in the accounts of the assessee company, whereas no IPO was issued by the assessee company. At the time of initial hearing the assessee has provided name and addresses of all the share applicants, on basis of information notices u/s 133(6) of IT Act have been issued to the share applicants, but a few notices returned back by the postal authorities. Thereafter the AR of the assessee company was asked to furnish current addresses of these companies (mentioned as above), In response to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... king any enquiry. 16. Per contra, the ld AR reiterated what has been stated before the lower authorities. 17. We have given thoughtful consideration to the orders of the authorities below. The undisputed fact is that the letter sent by the assessee at the same addresses at which notices under section 133(6) of the Act were issued by the Assessing Officer were served, evidenced by deliveries thereof by submitting copies of printouts taken out from the website indiapost.gov.in, which are placed in the paper book. 18. It is also not in dispute that the assessee has also proved the identity of some of the investing companies by obtaining information under the Right to Information Act, 2005. Confirmations and copies of relevant bank accounts along with copies of income, tax, return, acknowledgement, annual accounts, memorandum and articles of association of the share applicant companies were provided. 19. A perusal of the bank statement shows that share applicant companies had sufficient funds available with them before making the impugned share application. In so far as the production of the directors of the share applicant companies is concerned, we find that the Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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