TaxTMI 
TaxTMI 
TaxTMI 
2020 (9) TMI 232
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.... 2. The quarrel is in respect of loan received from M/s Pabla Leasing and Finance Pvt. Ltd amounting to Rs. 3 crores in each A.Y treated by the Assessing Officer as unexplained cash credit and, accordingly, additions have been made under section 68 of the Act. 3. The representatives of both the sides were heard at length, the case records carefully perused and with the assistance of the ld. Counsel, we have considered the documentary evidences brought on record in the form of Paper Book in light of Rule 18(6) of ITAT Rules and have also perused the judicial decisions relied upon by both the sides. 4. Facts on record show that a search and seizure operation u/s 132 of the Act was conducted on 26.8.2015 on the premises of the assessee compr....
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....ssion u/s. I31(l)(d) of the Income-tax Act. 1S61 doted 14/10/2015 was received by this office to enquire about the genuineness and existence of the following investing companies in connection with the search conducted in the case of Nimbus Group. 1. M/s Pabla Leasing and finance Pvt. Ltd., 7 Grant Lane, Kolkata 2. M/s G:ri Financial Services 3vt Ltd , 68 jessore Road. 3,J Floor, Flat No.314. Kolkata 3. M/S intellectual Securities Pvt. Ltd., Room No.4ISA, 4:h Floor, Marshall House, N.5. Road, Kolkata-700001 Further request was ir.3de by you to conduct enquiries in respect of other following companies: 1. M/s Padma Estate Pvt. Ltd, Office No41SA,4,h floor, Marshal House,33/1, N S Road Kolkata-1 2. M/s. CindyGoodj & Supply Pvt L....
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.... the said accommodation entry operators are being enclosed for your kind perusal and necessary action. On visiting the address ax 277, 3.3. Ganguly street, 3rd Floor, Room Na.BGS, Kolkata- 12 a signboard reflecting the names of Intellectual Securities Pvt. Ltd., Pabla leasing and Finance ltd.. Girl Financial Service Pvt. Ltd, Padma Estate Pvt. Ltd. and Cindy Goods &. Supply Pvt Ltd was noticed at the entrance of the single room office, It was found that few computers were placed in the room indicating that some accounts were being maintained there However, no business activity-were, visible as to be carried out at that place to the departmental inspectors Sunil Kumar Gayen, and Jayanta Sarka who visited there. It was however reported by ....
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....on that in case of credit in the name of third parties, it is the duty of the assessee to prove the identity of the creditors, capacity of the creditors to advance money and genuineness of the transaction. The Assessing Officer was of the firm belief that the assessee has failed to prove the capacity of the creditor namely, Pabla Leasing and Finance Pvt. Ltd. Since, according to the Assessing Officer the assessee failed to prove the credit worthiness, additions have been made u/s 68 of the Act amounting to Rs. 3 crores in each A.Y under appeal. 10. We find that the Tribunal in the case of Nimbus India Ltd ITA Nos. 929 and 930/DEL/2019 for A.Ys 2013-14 and 2014-15,vide order dated 10.02.2020, has accepted all the three crucial factors in th....
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....ectors/MDs of the investor companies appeared before the AO in response to notice u/s 133(6) and their statements u/s 131 were recorded and they have confirmed to have invested in the shares of the assessee company. The investor companies have produced their bank statements and were showing substantial income and, moreover, the AO, in the preceding or succeeding year in the case of the investor companies have accepted the investment made by them in the shares of the assessee company in the orders passed u/s 153A/143(3). Therefore, the decision in the case of NRA Iron & Steel (P) Ltd. (supra), in our opinion, is not applicable to the facts of the present case. 36. So far as the decision in the case of NDR Promoters Pvt. Ltd. (supra) is co....
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....f the opinion that since the credit worthiness of this company has been accepted in the case of flagship company of the appellant, we do not find any merit in this finding of the lower authorities. 12. Further, on perusal of the confirmation of ledger account of Pabla Leasing and Finance Pvt. Ltd., we find that the loan has been repaid on 19.01.2013, which is much earlier than the date of search, which is 26.08.2015. 13. We further find that the statement of Shri Virender Triparti, Managing Director of Pabla Leasing and Finance Pvt. Ltd was recorded under section 131 of the Act on 22.12.2017 and the same is exhibited at pages 109 to 111 of the paper book. 14. Question No 8 of that statement is most relevant here wherein the Managing Dire....