2019 (1) TMI 1344

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....llant-assessee has challenged factual findings recorded by the Tribunal in affirming addition of Rs. 5.27 crores on account of bogus share capital under Section 68 of the Income Tax Act, thereby affirming the order passed by the Assessing Officer and reversing the findings recorded by the Commissioner of Income Tax (Appeals). 3. The appellant-assessee was subjected to search and seizure operations under Section 132 of the Act on 10th November, 2004 and thereafter notice under Section 153A of the Act was issued. During the pendency of the said proceedings, the appellant-assessee also approached the Settlement Commission on disclosing the undisclosed income of Rs. 17 lacs. 4. However, as the tax on the undisclosed income was not paid, s....

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.....2002 30.03.2002 Rabik Exports Ltd. RZ-41A, Mohan Nagar, Panka Road, New Delhi 1,00,000 1,00,000 28.02.2002 28.02.2002 28.02.2002 Changla Steels Pvt. Ltd. 10-3596, Regarpur Karol Bhag, New Delhi 2,00,000 20,00,000 28.02.2002 28.02.2002 28.02.2002 Bic Consultants Pvt. Ltd. 204,Delhi Chamber, Delhi Gate, New Delhi 50,000 5,00,000 28.02.2002 28.02.2002 28.02.2002 Sehgal Fluid Equipment RZ-41A, Mohan Nagar Pankha Road, New Delhi 1,00,000 10,00,000 30.03.2002 30.03.2002 30.03.2002 FNS Consultancy Pvt. Ltd. A-66, Tagore Garden, New Delhi 1,50,000 15,00,000 30.03.2002 30.03.2002 30.03.2002 Rajesh Kumar Gupta 127, Mohalla Kanjimal Dasna Gate (Ghaziabad) ....

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....Ethnic Creatio Pvt. Ltd. A-32, Tagore Garden Ex., New Delhi 50,000 5,00,000 28.02.2002 28.02.2002 28.02.2002 SGC Publishing Pvt. Ltd. 50/15, Ashok Nagar, New Delhi-18 1,50,000 15,00,00 10.12.2001 10.12.2001 10.12.2001 SGC Publishing Pvt. Ltd. 50/15, Ashok Nagar, New Delhi-18 50,000 5,00,000 30.03.2002 30.03.2002 30.03.2002 Polo Leasing & Finance Ltd. A-4/181, Rohini Sector-17, New Delhi 1.25.000 12,50,000 13.12.2001 13.12.2001 13.12.2001 Polo Leasing & Finance Ltd. A-4/181, Rohini Sector-17, New Delhi 1,00,000 10,00,000 28.02.2002 28.02.2002 28.02.2002 M.v. Marketing Pvt. Ltd. A-32, Tagore Garden(Ext) New Delhi 1,00,000 10,00,000 10.12.2001 ....

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....02 28.02.2002 28.02.2002 Technocom Associates Pvt. Ltd. 205, Delhi Chambers, Delhi Gate New Delhi 1,65,000 16,50,000 28.02.2002 28.02.2002 28.02.2002 Transpan Financial Services Ltd. E-36, Jawahar Park, Laxmi Nagar, Delhi-92 1,00,000 10,00,000 28.02.2002 28.02.2002 28.02.2002 Jasdeep Financers Pvt. Ltd. 203, Mukund House Commercial Comples, Azadpur, New Delhi 1,50,000 15,00,000 28.02.2002 28.02.2002 28.02.2002 S.N. Electrical Pvt. Ltd. S-172, Co Cir. 29(4), New Delhi 50,000 15,00,000 28.02.2002 28.02.2002 28.02.2002 Titan Securities Ltd. A-2/3, Lusa Tower, Azadpur, New Delhi 2,00,000 20,00,000 28.02.2002 28.02.2002 28.02.2002 Tanuja Industries....

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....uld be added as undisclosed income of the assessee. The assessee explained the modus operandi by admitting that, to avail the loan from IDBI Bank, it inflated cost of land/building. It also inflated cost of plant and machinery. The explanation of the assessee did not find favour with the Assessing Officers who was of the firm belief that the entire share capital is bogus and benefit of peak credit cannot be allowed on the peculiar facts of the case. The Assessing Officer, accordingly, made addition of Rs. 5.72 crores on account of bogus share capital u/s 68 of the Act. 6. The contention of the appellant-assessee is that the amount received was rotated. It was submitted that addition of bogus share capital should be restricted to Rs. 1.55....