2013 (6) TMI 659

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....formation was received from the Investigation Wing that the assessee had taken accommodation entries from RDP Finance Pvt. Ltd., amounting to Rs. 8 lac and from Aglow Financial Services Pvt. Ltd., amounting to Rs. 5 lac, total amounting to Rs. 13 lac, in the garb of share capital, and that these creditors of the assessee were entry operators. In the order passed u/s 143 (3) read with Section 147 of the Act, the Assessing Officer held the amount of Rs. 13 lac, introduced as share capital, to be bogus unexplained credit and added this amount u/s 68 of the Act to the income of the assessee. 3. By virtue of the impugned order, the Ld. CIT (A) deleted this addition. 4. Challenging the impugned order, the Ld. DR has contended that the Ld. C....

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....nable in law, be set aside and that passed by the Assessing Officer be restored while allowing the appeal field by the department. 5. The ld. counsel for the assessee, on the other hand, has placed strong reliance on the impugned order, contending that the matter stands covered squarely in favour of the assessee by the order of the Tribunal (copy placed on record) in the assessee's own case for Assessment Year 2002-03, passed on 15.02.2013, in the department's appeal in ITA No.985/Del/2012. 6. The assessee had received unsecured loans of Rs. 13 lac from RDP Finance Pvt. Ltd. (Rs. 8 lac) and Aglow Financial Services Pvt. Ltd. ( Rs. 5 lac), both separate corporate entities. Before the Assessing Officer, on query, elaborate documentary e....

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....nd non-reading of material brought on record, basing his decision on no tangible material other than just the information passed on by the Investigation Wing of the Department. Even the confirmations filed by the creditor companies have not been refuted, much less proved as ingenuine. 7. The categorical factual findings recorded by the Ld. CIT (A) remained unhinged, as it has not been shown before us as to how these findings are wrong or erroneous. Pitted against these categorical factual findings, the observations made by the Assessing Officer in the assessment order are merely general in nature, based on no material at all, particularly when the Assessing Officer has taken into cognizance the general statements made by the creditors to....