9911796707
TMI Blog2025 (2) TMI 38X X X X Extracts X X X X X X X X Extracts X X X X ..... of law. Accordingly, we restore this issue back to the file of the AO. Accordingly, this issue of this appeal is allowed for statistical purposes.
Unexplained cash credit u/s 68 - bogus share capital - HELD THAT:- We are of the view that assessee is unable to prove the identity, genuineness of transaction and creditworthiness of First Hi Fin Ltd. Hence, we confirm the order of Ld CIT(A) and dismissed this issue of assessee's appeal. X X X X Extracts X X X X X X X X Extracts X X X X ..... y the assessee is that the recipient parties, all are well known parties, and they have already disclosed the interest income in their respective returns of income, hence, he only requested that matter can be restored to the file of the AO for verification whether the recipient parties have included the interest income in their respective returns of income. To this, Ld. DR has not objected. 8. After hearing both sides on this issue, we are of the view that assessee has to file the prescribed certificate as prescribed in the proviso to section 40(a)(ia) of the Act and also will file the details whether the recipient parties have disclosed the interest income in their respective returns of income earned in term of law. Accordingly, we restore this issue back to the file of the AO. Accordingly, this issue of this appeal is allowed for statistical purposes. 9. The next issue in this appeal of assessee as regards to the order of CIT(A) confirming the action of the AO in making addition of sum received from First High Fin Ltd. as share capital of Rs. 2,53,00,000/- and added as unexplained cash credit under section 68 of the Act. 10. The brief facts are that the AO on perusal of Note N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... um of Rs. 25,00,000/- has been credited in this account by transfer and the same amount has been passed on to Ajay Alloys Pvt. Ltd. through RTGS No.575831 on the same date. 7.4 Next amount of Rs. 15,00,000/- has been received from the a/c No. 07660200000282 maintained with the bank of Baroda Vasant Vihar, New Delhi in the name of First Hi Fin Ltd. as per the statement, a sum of Rs. 1,36,000/- and Rs. 13,64,000/- has been credited in this account on 12.03.2012 and the total of the sum i.e. Rs. 15,00,000/- has been transferred to Ajay Alloy through RTGS no.575832 on same date. 7.5 On 14.03.2012, the account has been credited by a sum of Rs. 45,60,000/- out of which an amount of Rs. 15,00,000/- has been transferred to Ajay Alloys through RTGS No.575833 on 14.03.2012. 7.6 On 16.03.2012, a sum of Rs. 30,00,000/- has been credited in this account and the same amount has been transferred to Ajay Alloys through RTGS No.575843 on same date. 7.7 On 28.03.2012, a sum of Rs. 50,00,000/- has been credited in this account out of which, a sum of Rs. 30,00,000/- has been transferred to Ajay Alloy through RTGS No.575849 on same date. The AO was of the view that the assessee is unable to pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er:- Details of unquoted investments SI. No. Name Amount 2012 Amount 2011 1 Kostub Investment Ltd. Rs.41,00,000/- Rs.32,00,000/- 2 Dippy Investments Pvt. Ltd. Rs. 1,17,50,000/- Rs.15,00,000/- 3 KaladharImpex & Traders Pvt. Ltd. Rs. 1,24,00,000/- Nil 4 Others Rs.16,19,64,150/- Rs.19,60,14,150/- Total RS. 19,02,14,150/- Rs.20,07,14,150/- Even the new list of fresh investment made by First Hi Fin Ltd as on 31/03/2021 read as under: Details of fresh unquoted investments SI. No. Name Amount 2012 Amount 2011 Amount of fresh investment (C-D) A B C D E 1 Kostub Investment Ltd. Rs.41,00,000/- Rs.32,00,000/- Rs.9,00,000/- 2 Dippy Investments Pvt. Ltd. Rs.1,17,50,000/- Rs. 15,00,000/- Rs. 1,02,50,000/- 3 KaladharImpex& Traders Pvt. Ltd. Rs.1, 24,00,000/- Nil Rs.1,24,00,000/- 4 Other non current investment - capital advance Rs. 1,05,00,000/- Nil Rs. 1,05,00,000/- Total Rs.3,87,50,000/- Rs.47,00,000/- Rs.3,40,50, OOQ/- From the above, it is clear that First Hi Fin Ltd has not made investment in the share of assessee company. Even now, Ms. Geetanjali who once appeared and walked out of the statement is not alive. We find that the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
