2009 (7) TMI 846

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.... to the share capital of the assessee-company. For this purpose, share application money, on three different dates, totalling a sum of Rs. 39 lakhs was given by M/s. Diamond Proteins Ltd. to the assessee-company. The Assessing Officer after making enquiries of the assessee-company concluded that a sum of Rs. 25 lakhs subscribed by M/s. Diamond Proteins Ltd. on October 10, 2002, with the assessee r....

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....er is questioning the bona fides of M/s. Diamond Proteins Ltd. for collecting money to subscribe to the share to the capital of the assessee, but it is the assessee who is fastened with the liability. The Assessing Officer did not question M/s. Diamond Proteins Ltd. in this behalf. In so far as the assessee-company is concerned, it is not disputed that money was paid to it towards the aforesaid sh....

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....is clear that there is no dispute about the existence of M/s. Diamond Proteins Ltd. There is no dispute that this company had subscribed a sum of Rs. 25 lakhs for allotment of shares. In respect thereof, a confirmation was furnished along with PAN, assessment particulars, bank statement and balance-sheet. Thus, there is no denial by M/s. Diamond Proteins Ltd. about the transaction. In these circum....