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TMI Blog2022 (11) TMI 1431X X X X Extracts X X X X X X X X Extracts X X X X ..... could not produce anything before us, we dismiss this issue of the assessees and the orders of the lower authorities are confirmed. - SHRI MAHAVIR SINGH, VICE PRESIDENT AND SHRI MANOJ KUMAR AGGARWAL, ACCOUNTANT MEMBER For the Appellant : Shri B. Ramakrishnan, FCA For the Respondent : Shri Guru Bashyam, CIT ORDER PER MAHAVIR SINGH, VP: These 8 appeals by the 5 different assessees are arising out of different orders of the CIT(A)-18 / CIT(A)-19 / CIT(A)-15, Chennai of different dates. The assessments were framed by the ACIT, Central Circle 2(3), Chennai u/s.143(3) of the Income Tax Act, 1961, (hereinafter the Act ) vide orders of different dates. Since the issue is common in all these appeals, they are heard t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2013-14 5,00,000/- 735/CHNY/2020 2014-15 1,30,000/- Gugnani Leasing Hire Purchase Pvt. Ltd. 71/CHNY/2022 2013-14 10,00,000/- 736/CHNY/2020 2014-15 3,40,000/- Growell Hire Purchase Finance Ltd. 128/CHNY/2022 2012-13 4,59,960/- 129/CHNY/2022 2013-14 10,00,000/- Shantananda Steels Pvt. Ltd. 3080/CHNY/2019 2011-12 3,50,50,000/- Ojasvi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. No contact particulars, communication details were furnished. Hence, these so called Directors are only name lenders who could not be traced. (v) The assessee as well as its group companies did not explain how they came to know each other. Only vague replies were furnished. Hence, genuineness of the claimed business transactions, was not proved. (vi) Further No capital gains were ever offered. If these companies were really dealing in share investments, particularly as unquoted equities were not exempt from tax, the requisite evidences to prove the cost as well as sale price valuations must have been kept. Lack of them only point to the fact such activities were not carried out in reality. (vii) Complete financial documents for ..... X X X X Extracts X X X X X X X X Extracts X X X X
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