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2011 (5) TMI 993
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.... For the Respondent : Anil Sharma ORDER Rajpal Yadav (Judicial Member) The revenue is in appeal before us against the order of Learned CIT(Appeals) dated 15.01.2009 passed for assessment year 2002-03. The revenue has pleaded that Learned CIT(Appeals) has erred in deleting the addition of Rs. 10,20,000 which was added by the Assessing Officer on the ground that assessee has failed to expla....
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....led to the Assessing Officer that assessee has received share application money of Rs. 10 lacs from four concerns, namely; S.No. Name Amount Cheque No. Date 1. Kuberco Sales P. Ltd. 2,50,000 033922 02.12.2001 2. Royal Credits P Ltd. 2,50,000 011381 04.12.2001 3. Wood Craft Footware P.Ltd. 2,50,000 022079 28.02.2002 4. Satyam H....
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....ure of Rs. 20,000 for arranging such entries. 4. Dissatisfied with the addition, assessee carried the matter in appeal before the learned CIT(Appeals). It challenged reopening of the assessment as well as additions on the merit. In support of its contention, it submitted that assessee has filed details of ITR, PAN, copy of the balance sheet and the details filed with the Registrar of Companies ....
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....losed in his statement that companies manned by him are in the business of providing accommodation entries. In other words, Assessing Officer has given more weightage to the statement of Shri Mahesh Garg then the documentary evidence. He belied the documentary evidence on the basis of this statement. This statement was not recorded in the assessment proceedings of the assessee. He is not associate....