9911796707
TMI Blog2025 (2) TMI 831X X X X Extracts X X X X X X X X Extracts X X X X ..... nafter referred to as the "Act"), dated 29.12.2018 for Assessment Year 2011- 12. 2. In the five grounds of appeals raised by assessee, issue involved is in respect of challenging the validity of reassessment proceedings and assessment thereon u/s.147 r.w.s. 148 and as well as the addition of Rs. 89,50,000/- made u/s.68 of the Act. 3. Brief facts of the case are that assessee is engaged in the business of investment in equity shares in associate entities and maintains equity holding in group concerns having income from business and profession. Assessee filed its return of income on 30.09.2011 reporting total income at Rs. 1,55,525/-. On receipt of information from DDIT(Inv), Unit-1(1), Mumbai that there are high value transactions in the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee as well as those furnished by SPPL, doubted the genuineness of the transaction by observing that SPPL was incorporated on 09.03.2011 only and received funds from the Malaysian company within a span of 15 days of its incorporation and gave loans to the assessee company. According to him, the commercial expediency aspect is missing in respect of transaction undertaken with the assessee. He thus, held that submissions made by the assessee in respect of the un-secured loan/deposit amounting to Rs. 89,50,000/- are not tenable. 4. Before the ld. CIT(A), assessee reiterated the submissions made. It further, clarified that SPPL had paid a deposit of Rs. 89,50,000/- to the assessee, out of which Rs. 56,50,000/- was credited into the bank acc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in the case of SSPL for the same Assessment Year, i.e., 2011-12 u/s. 143(3) r.w.s. 148 dated 28.11.2018 was placed on record. The said assessment order was passed by Income-tax Officer, Ward - 22(3), New Delhi. From the said assessment order, it was evidently demonstrated that case of SPPL was taken up by initiating reassessment proceedings to enquire about the amount of Rs. 55,67,070/- received by it towards share application money from Malaysian company. In this respect, in the said assessment order, ld. Assessing Officer has taken note of these facts and accepted the documents and explanations furnished. No adverse inference was drawn and return of income filed at Nil was accepted. Observations and findings of the ld. Assessing Office ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ade by ld. Assessing Officer in respect of funds received by assessee from SPPL have been added by doubting the genuineness of the transaction. We take note of various documentary evidences furnished both, by assessee as well as by SPPL in compliance to notices issued by ld. Assessing Officer u/s.133(6) of the Act. Assessee has duly explained the nature of transaction and has also gone to the extent of explaining the source of source with corroborative documentary evidence including assessment order passed in the case of SPPL whereby Department accepted the share application money received by SPPL from its promoter, i.e., the Malaysian company. In respect of part of funds, i.e., 33 lakhs received in the subsequent year, assessee has explain ..... X X X X Extracts X X X X X X X X Extracts X X X X
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