2013 (9) TMI 1107

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....ned.  Applications stand disposed of.  ITA 223/2013  1. This appeal by the revenue under Section 260A of the Income Tax Act, 1961 relates to assessment year 2007-08.  2. It is submitted that the assessing officer was justified in making additions of unsecured loan of Rs. 61,00,000/-, share capital of Rs. 17,00,000/- and share application money of Rs. 21,00,000/-.  3. The respondent assessee had claimed that he had received loan of Rs. 61,00,000/- from the following persons:  Shri Anant Singh Rs.12,00,000  Ahillya Hotel Pvt. Ltd. Rs.10,00,000  R. Rashami and Company Rs.12,00,000  Gyanendra Kumar Upadhayay Rs. 8,00,000  Jitendra Vaish Rs. 19,00,000 ....

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.... Ltd. have been noticed by the Commissioner of Income Tax (Appeals). The said creditor was running and operating a five star hotel at Indore. PAN Number, bank account details, income tax returns, balance sheet etc. were furnished. Commissioner (Appeals) has stated that P.Rashami and Co. and Gyanendra Kumar Upadhyay were one and the same person. In his order, he has referred to copy of Income Tax Return, Bank Statement and confirmation. Gyanendra Kumar Upadhyay was carrying on construction business for last many years and was assessed to income tax. The loan was advanced from this business account and was duly reflected in his books.  8. The details of persons who had been allotted share capital is as under:  1. Ripusudan Shr....

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.... submitted copy of the income tax return, PAN Number, addresses as well as the photocopy of the share application forms. These documents were provided to the assessing officer but the assessing officer offered no comments in his remand report.  13. It appears that inspite of details furnished, no further inquiry was made by the assessing officer to verify and ascertain whether the said person were name lenders or entry providers. Commission under Section 131 (1)(d) was issued to the concerned assessing officer but no reply was received from the said assessing officers. The assessing officer did not write any letter or communicate with the said persons or try to obtain copy of their bank statements etc.  14. It is not the cas....