2014 (10) TMI 962

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.... of the case are that the assessee is a company which came in to being on 22.07.2005. It's  promoters namely Shri Roshan Lal Sankhla and his wife Smt. Bindiya Sankhla introduced initial capital of Rs. 1,00,000/-. For the year the assessee-company did not file its return of income (ROI). Consequent upon an information received from the I.T.O., Ward-8(3), New Delhi that the assesseecompany is o....

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....of the assessee is that it never took any bogus entry as has been alleged. That the assessee-company was setting a new project of marble sawing. The main promoter director of this company had a marble mine lease enough for the project and M/s. Moderate Credit Corporation Ltd., Delhi agreed to provide financial assistance by way of share application money and for the purpose remitted a sum of Rs. 5....

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....ned the entire record. It was argued by ld. Sr. D.R. that this is a case of bogus entry recorded as a share application money. He has referred to the case of Aseem Gupta and has relied on his statement recorded. He has ignored the confirmations filed to prove that in fact this was a share application money. He has also pooh-poohed the non confrontation of the statements of Shri Gupta to the assess....

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.... figure. With these arguments he has supported the order of ld. CIT(A).  2.4 After considering rival submissions in the light of the facts and evidence on record, we are of the considered opinion that the A.O. has made the impugned addition on suspicion based on the statement of a third party. We have found that share application money of Rs. 50 lakhs was invested by M/s. Moderate Credit Cor....