9911796707
TMI Blog2025 (1) TMI 1491X X X X Extracts X X X X X X X X Extracts X X X X ..... one and no even evidence has been collected and brought on record and addition has been made purely on conjuncture and surmises
HELD THAT:- We are of the opinion that there is a substance in the submissions of the assessee and the Ld. CIT(A) passed detailed order with full discussions and there is no any ground exist, for which needs to interfere. Hence, grounds raised by the Revenue are not allowable and accordingly dismissed. X X X X Extracts X X X X X X X X Extracts X X X X ..... at during the year under consideration, the assessee company is engaged in the business of real estate business activities. However, the assessee company did not earn any income through its business operation in this year. Copy of Profit & Loss Account, Balance Sheet and Auditor's report of the Act, for the year under consideration, have been submitted by the assessee during the course of assessment proceedings. 4. A search & seizure operation u/s 132 of the I. T. Act, 1961 was carried out on 19.10.2010 in the case of IREO Group of cases. The case of the assessee was also covered in the search. During the course of search carried out at the different premise located in India in IREO Group, documents and data storage devices, etc, belon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es of natural justice and even the said report of Investigation Wing-Goa, does not raises any doubt relating genuineness of compensation of Rs. 8,39,30,000/- received by Surya From assessee company and it only raises doubt regarding the genuineness of expenses claimed by Mr. Surya in his books of accounts against the compensation received by him from assessee company but such expenses do not have any nexus with the assessee company nor does it affect the genuineness of compensation paid by assessee company. He further submitted that the Ld. AO has made disallowance in the instance case solely by relying on the Report of Investigation Wing- Goa, wherein the Investigation Officer has expressed suspicion regarding the expenses booked by Mr. Su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve acted as accommodation entry provider to the Ireo group of companies to siphon off the amount of Rs. 19.50 cr." 9. The Ld. CIT(A), in the impugned order stated that the Ld. AO disallowed the alleged payment of Rs. 8,39,30,000/- made to Mr. Surya primarily on the information received from Investigation Wing, Goa, that Rs. 19.50 crore paid to 4 entities were bogus payments and that the IREO entities might have received back Rs. 19.50 crore, paid to Mr. Surya. The Ld. CIT(A) subsequently stated that by the perusal of order passed by the Ld. AO, it is crystal clear that no enquiry has been done and no even evidence has been collected and brought on record. So, as to given to the conclusion that any four entity as mentioned hereinbefore, to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with the purchase of lands in Maharashtra and were made for non business purposes. There is a strong possibility that the amounts of Rs. 19,50,000/-might have gone back to the buyer companies (i.e. Ireo group of companies) or its key employees or directors. Mr. N. Suryanarayana appears to have acted as accommodation entry provider to the IREO group of companies to siphon off the amount of Rs. 19.50 cr." The above finding of the AO in the assessment order (while disallowing the payment of Rs. 8,39,30,000 in appellant's case) also shows that even the AO himself is not sure whether the payment of Rs. 19.50 crore has gone back to the appellant/IREO group or not. And probably because of that, no disallowance are made in other IREO gro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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