TaxTMI 
TaxTMI 
2021 (7) TMI 56
X X X X Extracts X X X X
X X X X Extracts X X X X
....tal from the following companies/persons, the details of which are as under:- Sl. No. Name of the party Amount received 1 M/s Aaviskar Marketing Pvt. Ltd. 70,00,000 2 Sh. Amit Agarwal 55,00,000 3 M/s Barak Agro Pvt. Ltd. 46,00,000 4 M/s Barak Ispat Pvt. Ltd. 45,00,000 5 M/s Golden Plantations Pvt. Ltd. 25,00,000 6 Sh. Mukesh Agarwal 40,00,000 7 M/s Nortel Textiles Pvt. Ltd. 16,00,000 8 Sh. Rajendra Kumar Agarwal 64,00,000 9 Sh. Ram Awater Agarwalla 1,75,00,000 10 Sh. Sagar Mall Agarwalla 90,00,000 11 M/s Shivam Entrade (India) Pvt. Ltd. 8,00,000 12 M/s M. L. Singhi & Associates Pvt. Ltd. 4,04,25,000 Total 10,38,25,000 4. Vide letter dated 11.11.2014, he asked the assessee to furnish the details of share capital, share premium and share application money along with confirmations and evidences for addition made to the share capital, share premium and share application money with copies of relevant bank accounts. Vide letter dated 30.03.2015, the assessee filed required details. For making independent enquiries, the AO issued notices u/s 133(6) of the....
X X X X Extracts X X X X
X X X X Extracts X X X X
..... Singhi & Associates Private Limited was assessed by same AO, who has passed order u/s 143(3) of the Act, accepting the investment made by it in the share of the assessee company. So far as, other investors are concerned, it was submitted that all the persons including corporate entities who have subscribed to the share capital/share premium are part of the assessee group and no funds have been received from any entity outside of it. 8. Based on the arguments advanced by the assessee, the learned CIT(A) called for the assessment record of M/s M.L. Singhi & Associates Private Limited for Assessment Year 2012- 13 and found that the claim of the assessee is correct. He observed from the record that details of investment as on 31st March 2012, are available at page-45 of the assessment record, wherein, the investment by M/s M.L. Singhi & Associates Private Limited was clearly recorded at Rs. 4,00,20,750/-. He therefore accepted the investment of Rs. 4,04,25,000/- by M/s M.L Singhi & Associates P. Ltd. in the shares of the assessee company as explained and directed the AO to delete the same. 9. So far as other investors are concerned, the learned CIT(A) observed that all those....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ubmitted that when the same AO is the Assessing Officer of M/s M.L. Singhi & Associates Private Limited and has passed order u/s 143(3) of the Act accepting the investment made by it in the shares of assessee company, therefore, notwithstanding that no reply was received by the AO from such company in respect of notice issued u/s 133(6), the AO could not have made the addition. Since, the learned CIT(A) has verified from the assessment records of M/s M.L. Singhi & Associates Private Limited that it has invested an amount of Rs. 4,04,25,000/- in the share capital of the assessee company and detailed explanation was given before the AO of M/s M.L. Singhi & Associates Private Limited for which he had accepted the same in the order passed u/s 143(3) of the Act and who incidentally is the AO of the assessee also, therefore, the learned CIT(A) was fully justified in deleting the amount of Rs. 4,04,25,000/-. 13. So far as the other concerns are concerned, he submitted that all these individuals and private companies are promoters of the assessee company as individuals. Every company is having huge share capital/reserves and are income tax payee and have filed tax return on regular basi....
X X X X Extracts X X X X
X X X X Extracts X X X X
....he instant case has raised share capital and share premium of Rs. 10,38,25,000/- from 12 companies/individuals, the details of which are already given in para-3 of this order. Although, the assessee filed the requisite details as required by him, however, the AO made addition of Rs. 10,38,25,000/- to the total income of the assessee on the ground that the notices issued u/s 133(6) of the Act calling for certain information were either returned unserved by the postal authorities with the remark as "not known" or were not complied with. We find in appeal, the learned CIT(A) deleted the addition on the ground that one of the concerns M/s M.L. Singhi & Associates Private Limited was assessed by the same AO who has passed order u/s 143(3) of the Act accepting the investment made by the M/s M.L. Singhi & Associates Private Limited in the shares of the assessee company. So far as the other persons are concerned, the learned CIT(A) has deleted the addition on the ground that these are basically promoters of the assessee company and they have sufficient funds available with them for investment in shares of the assessee company. Further, all these investors are taxpaying entities and are fil....