2017 (10) TMI 1567

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....received from M/s Nicco Securities Private Limited on the ground that the notice issued u/s 133(6) was returned unserved and without appreciating the facts that the identity, creditworthiness of the party and genuineness of the transaction have been proved. 3. Facts of the case are the assessee filed return of income on 17.9.2010 declaring total income of Rs. 80,180/- which was processed u/s 143(1) of the Act. Subsequently the case was selected for scrutiny and proceedings u/s 143(2) and 142(1) were followed. During the assessment proceedings, the AO noted that the assessee availed loans from various parties for which the confirmations were filed by the assessee. The AO in order to verify the genuineness of these loans issued notices u/s 1....

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....confirmed the payment and its convertion into share application and allotment but there was no justification for the grant of loan or conversion of loan into share capital. The ld. AR vehemently submitted before us that the ld.CIT(A) has grossly erred in confirming the order of the AO on the issue of unexplained cash credit by submitted that the loan was in fact confirmed by inviting our attention to page 45 of the paper book on which the ld.AR pointed out that the PAN of the lender was duly mentioned and the confirmation was duly signed by the AR of the company. The ld. AR submitted that the said loan was converted into share capital in the assessment year 2011-12. The ld. AR submitted that the office of the company was shifted to Metro an....