9911796707
TMI Blog2024 (8) TMI 971X X X X Extracts X X X X X X X X Extracts X X X X ..... hands of Surya Processed Food Pvt. Ltd. and protective addition in the hands of the assessee. CIT (A) deleted the protective assessment in the hands of the assessee considering the fact that assessee is only a paper company and substantive addition is already made in the hands of Surya Processed Food Pvt. Ltd.. No reason to disturb the findings of ld. CIT(A). Accordingly, the appeal filed by the Revenue is dismissed. AO has determined the commission @ 2.5% on the value which was transferred by book entry to Surya Processed Food Pvt. Ltd.. Since no representation from the assessee side we are not in a position to appreciate the facts on record and ld. CIT (A) has sustained the above said addition, we do not see any reason to disturb the same ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... personnel, therefore, he returned the original hearing notice with the note that it is unserved or non-affixed at the premises of the assessee. 3. After taking note of the Inspector s report, we notice that assessee is not interested to prosecute the case nor respond to the appeal filed by the Revenue in Assessment Year 2013-14. Considering the above facts on record, we proceeded to hear the case with the assistance of ld. DR for the Revenue. 4. At the time of hearing, ld. DR brought to our notice brief facts of the case relating to Assessment Year 2009-10 are, the return of income of the assessee was originally filed on 27.03.2010 declaring nil income. A search and seizure operation was carried out in the case of Priya Gold Group and its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he recipient to these assets. The appellant company had made investments in various companies in the captioned assessment year which were sold in assessment year 2011-12 and further reinvested the same amount in M/s Surya Processed Food Pvt Lid, which are a part of the Priyagold Group. Further it is submitted that the appellant company is a 'shell company', fact which had been substantiated by the Investigation Wing of Kolkata also. The investments shown in the balance sheet are in other shell companies, which are mere paper entries and have no intrinsic value. During the search seizure operation on April 21, 2015; statement of Shri Pankaj Agarwal was recorded on oath under section 131 (1A) of the Act. Shri Debashish Dutta accepted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ' (SOF) submitted with the Hon'ble Settlement Commission, the copy of SOF has already been submitted with your good office. Subsequently the Hon 'ble Settlement Commission vide its order under section 245 D(4) of the Act dated June 8, 2018 accepted the additional income i.e. 49,12,73,399 offered by M/s Surya Food Agro Ltd with further addition o[Rs. 6,64,51,000 (i.e. settled income u/s 245D(-I) at Rs. 55,77.24.399) offered by M/s Surya Food Agro Ltd. Therefore we request your good office to kindly delete the additions made by the Ld. Assessing Officer in the income of the appellant company. 7. After considering the submissions of the assessee, ld. CIT (A) sustained the addition made by the Assessing Officer by observing as under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .12.2014. Similar to the facts in AY 2009-10, search assessment was initiated in the case of the assessee u/s 153C r.w.s. 153A of the Act. During assessment proceedings, the AO observed from the balance sheet of the assessee for the current assessment year that it had made investment in equity shares of Surya Processed Food Pvt. Ltd. for an amount of Rs. 15.38 crores. The AO observed that during the search and post-search enquiries conducted by the department, the assessee was found to be a paper company utilised by Priya Gold Group for rotating its own unaccounted fund as share capital/share premium. After recording the above satisfaction, the Assessing Officer discussed that there was no business activity in the case of first layer of all ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the submissions of Ld. DR and material placed on record, we observe that during the impugned assessment year i.e. 2013-14 based on the material found during search, AO observed that certain funds were moved through the assessee by Surya Processed Food Pvt. Ltd. which belongs to Priya Gold Group. AO made substantive addition in the hands of Surya Processed Food Pvt. Ltd. and protective addition in the hands of the assessee. Ld.CIT (A) deleted the protective assessment in the hands of the assessee considering the fact that assessee is only a paper company and substantive addition is already made in the hands of Surya Processed Food Pvt. Ltd.. After considering the facts on record, we do not see any reason to disturb the findings of ld. CIT(A) ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
