2015 (4) TMI 432

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....rom remaining grounds on merits it is vivid that the sole controversy is raised in ground no. 6 and other grounds of the assessee are argumentative and supportive to the main ground no. 6 which reads as under :- " 6. That the Ld. CIT(A) has in view of the facts and circumstances of the case, erred in law and on facts in upholding the addition of Rs. 10 lakhs made by the AO on account of payment made to a third party by cheque." 3. Apropos above ground of appeal the Ld. Counsel of the assessee submitted that the CIT(A) in view of facts and circumstances of the case has erred in upholding the addition of Rs. 10,00,000/- made by the AO on account of payment made to a third party by cheque. The Ld Counsel vehemently contended that the CIT(A) ....

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....irly accepted that the payment was made on 23.10.2006 and the assessee company was incorporated on 5.12.2006. Hence if it is found just and proper then the department has no objection if the matter is restored to the file of AO for limited verification. Placing rejoinder to the above contentions to the revenue the Ld. Counsel of the assessee submitted that as per evidence and material submitted by the assessee before the authorities below it is ample clear that the impugned payment was made by M/s B.L.Lashyap and Sons Ltd. on 23.10.2006 as advance against purchase of a property to the owner and subsequently the same property was purchased by the assessee company during the financial year 2007-08 pertaining to AY 2008-09, therefore, the asse....