2012 (9) TMI 653

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....refore the addition may please be deleted. ii) That the Ld. Commissioner of Income Tax (A) has erred in law while contending that the facts of the assessee are different with that of C.I.T. vs. Lovely Exports 216 CTR 195, and therefore applying the ratio of respective judgment the addition of Rs. 501000/- may please be deleted. iii) That we crave to add, alter, delete, modify or withdraw any of the above grounds at the time of hearing. 3. In this case information was received by the Assessing Officer from the Investigation Wing with regard to bogus accommodation relating to receipt of Rs. 5,01,000/- by the assessee company from one M/s Viniyas Finance and Investment Pvt. Ltd. During the course of the assessment proceedings u/s. 143(3)/14....

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....d to the file of the Assessing Officer by the Ld. Commissioner of Income Tax (A). Assessing Officer observed that in the remand report that documents furnished by the assessee are simply those which can be accessed from public source as internet and the assessee has failed to produce any confirmation or any other document from the alleged investor company and has also not produced the Directors of the said company. Ld. Commissioner of Income Tax (A) further noted that Assessing Officer has conducted independent enquiries by issue of notice u/s. 133(6) to the Bank and summons u/s. 131 to the Directors, but the said summons were returned unserved in case of one Director and in respect of the other Director no reply was received. Ld. Commissio....