TaxTMI 
TaxTMI 
2015 (8) TMI 1032
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....The group is stated to be controlled by Sh.Harmender Singh Sran, Chairman and his son Sh. Amandeep Singh Sran, director in various group companies associated with HBN group. During the course of search and seizure operation, loose papers and other documents were found and seized. Consequently, notice u/s 153A was issued to the assessee on 02.06.2010 wherein the assessee was required to file a return in the prescribed format for the year under consideration within 60 days. The said notice was sent by the speed post and as per the assessment order was served upon the assessee. Return declaring a NIL income was filed on 20.07.2010 pursuant to this after issuance of notice and questionnaires issued as per the assessment order the assessee was represented. In the assessment proceedings the AO takes cognizance of the fact that the assessee company was incorporated on 26.06.2006 with the object of running a television news channel. He also took note of the fact that in the Audit Report of the assessee company for the Financial Year 2006-07 issued share capital had been declared at Rs. 1,54,50,000/- and a sum of Rs. 1,53,50,000/- had been shown as reserves and surplus which solely represen....
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.... of Sh Harmender Singh Sran, HBN group Chairman, the factum of bogus share capital introduction in various HBN group companies was categorically admitted and undisclosed income was surrendered in various group companies. In the case of assessee company surrender was made for the assessment years 2008-09 & 2009-10. 14. The facts for the present case are not different from the facts of subsequent years. During the year under consideration there is introduction of share capital of Rs. 3,08,00,000/- in the books of accounts of the assessee company. 14.1 From whatever details filed by the assessee it appears that the following share capital was received by the assessee company from the members of Sran family who are also directors in the assessee company or other HBN group companies. In respect of share capital contribution made by them, the assessee has filed confirmation with their PAN number. Copies of their income tax returns have also been filed. The details of such share capital contribution are as under; (i) Harmender Singh Sran Rs. 11,75,000/- (ii) Gurvir Kaur Sran Rs. 11,75,000/- (iii) Manjeet Kaur Sran Rs. 11,75,000/- (iv) Harmeet Kaur Sr....
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....llate Authority has grossly erred in directing the Ld. Assessing Authority to verify the list of shareholders and share applicants during the year under consideration in respect of investment of Rs. 1,51,40,000/- in shareholder's fund of appellant company made by M/s HBN Dairies & Allied Limited, instead of directly deleting the additions of aforesaid amount of Rs. 1,51,40,000/-, when it was clearly evident from the records available before him that the funds for the aforesaid amount had flown from M/s HBN Dairies & Allied Limited out of its duly explained sources and is duly recorded in its books of accounts as investments in HBN Dairies & Allied Ltd 2. Under the facts and circumstances of the case, Ld. First Appellate Authority has grossly erred in directing the Ld. Assessing Authority to verify the investment to the extent of Rs. 31,95,000/-made in the appellant company by family members of Chairman of HBN Group and other individuals instead of directly deleting the additions of aforesaid amount, when it was clearly evident from the records available before him that the aforesaid family members were already centrally assessed u/s 153A and no discrepancy in respect of investme....
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....filed in the Court submitted that the finding arrived at in the impugned order is vitiated as instead of giving a clear-cut finding as the statute mandates the CIT(A) as would be evident from page 14 of the impugned order has remitted the issues to the AO. Relying on the synopsis filed it was submitted that the said action being contrary to statutory mandate makes the impugned order tainted as such it may be set aside and restored to the CIT(A) afresh directing the said authority to come to a conclusive finding. In support of the said submission, reliance was placed on the order of the Co-ordinate Bench order dated 03.01.2014 in ITA 2834/Del/2013 and others in the case of ITO vs Zuari Investment Ltd. 9. In these circumstances, the limited prayer of the assessee was that by allowing the appeal of the Revenue and that of the assessee, the entire issue may be restored to the CIT(A) with the direction to pass a speaking order after hearing the assessee. 10. Considering the prayer of the Ld. AR, the Ld. CIT DR had no objection if the entire order is set aside again to the CIT(A). 11. We have heard the rival submissions and perused the material available on record. On a consider....
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....ares of the company was filed for A.Y. 2008-09. The assessing officer is directed to verify the share capital introduced during the year under consideration during the year under consideration from family members of Sh.H.S.Sran chairman of HBN Group. The assessing officer should also verify whether these family members were also assessed u/s 153A/153C & if there is no adverse findings during assessment proceedings of these person, then the assessing officer is directed to delete the addition for share capital/ share premium received from these family members as their creditworthiness is proved. A next argument of Ld. AR is that M/s. HBN Dairy & Allied products Ltd. Flagship Company of HBN Group, has invested in share capital/ premium in appellant company. The assessing officer should verify the list of share holders & share applicant during the year under consideration if the share capital/ premium is received during the year from M/s HBN Dairy & Allied products Ltd. & the same is reflected in the books of accounts of M/s HBN Dairy & Allied products Ltd., then the assessing officer is directed to delete the addition to the extent of share capital/ premium in the name of M/s HBN ....