9911796707
TMI Blog2024 (7) TMI 1015X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee during the year under consideration. The old loans were rounded off by way of share allotment to the respective creditors. Since no fresh amount either in cash or otherwise has been received by the assessee during the year and only the old loans were converted into the share allotment, therefore, the observation of AO that the assessee has introduced the unexplained money as share applicati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y received by the assessee as unexplained income of the assessee invoking provisions of section 68 of the Act. 3. At the outset, the ld. Counsel for the assessee has invited our attention to the impugned assessment order to submit that the Assessing Officer during the assessment proceedings noted that the assessee had received share application/share allotment money from the following three partie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y. However, the Assessing Officer did not examine or consider the above submission and simply made the addition of the aforesaid amount observing that the assessee has not produced any investor for examination before him. 4. The ld. CIT(A) confirmed the addition so made by the Assessing Officer. 5. Before us, the ld. Counsel for the assessee has referred to the copy of the paper-book and documents ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by way of final settlement of the contract value for consideration otherwise than in cash. Further, the ld. Counsel has invited our attention to page 47 of the paper-book, which is confirmation of accounts by Bharat Bhushan Sachdev (HUF), wherein, a sum of Rs. 30,00,000/- is shown as opening balance credit as on 01.04.2011. Similarly, at page 50 of the paper-book, there is a opening balance of Sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee during the year and only the old loans were converted into the share allotment, therefore, the observation of the Assessing Officer that the assessee has introduced the unexplained money as share application money, is not correct. Hence, the additions made by the Assessing Officer are not justified in this case and accordingly the same are ordered to the deleted. 5. In the result, the appeal of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
