TaxTMI 
TaxTMI 
TaxTMI 
2022 (3) TMI 305
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....evance read as under:- 1. That assumption of jurisdiction u/s. 153C was illegal being contrary to the provisions of S. 153C and judicial opinions since there was no satisfaction to the effect that items or material mentioned in section 153C belonged to the appellant. Admittedly, laptop found from the premises of searched person did not belong to the appellant. Further, there is no finding that any other material found in the search belonged to the appellant. 2. Without prejudice to above ground, the alleged satisfaction note refers to post search investigation which is not permissible in law since such satisfaction has to be restricted only to the material found in search and not otherwise. Notwithstanding, it does not ref....
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....ther key persons. 6. During the course of search operation at the residence of Abhay Maheshwari, a laptop was found and seized. From the scanning of seized data it was found that M/s. Golf Link Hospitality Private Limited has obtained unsecured loan, share application money and share capital from various doubtful entities, the assessee M/s. BMA Infotech Pvt. Ltd. is one of them. 7. Notice u/s. 153C of the Act was issued on 20.04.2015 and the AO started the assessment proceedings. 8. During the course of the scrutiny assessment proceedings the AO found that the assessee has raised money through share application amounting to Rs. 1,22,80,000/-. The assessee was asked to furnish details, creditworthiness as well as genuineness of the ....
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....rson" by the Finance Act, 2015 w.e.f. 1.06.2015." 12. A bare perusal of the aforementioned provision show that nothing belonging to the assessee was found at the time of search at the premises of Abhay Maheshwari. The laptop was found from the premises of Abhay Maheshwari and as per the provisions of section 132 (4A) (i) and 292 C of the Act the presumption is that the document and assets found in the course of search from premises of a person it may be presumed that such item belong to the person whose premises are searched. It can be seen from the satisfaction note there is no reference to any laptop found at the time of search and as mentioned here in above whatever was found at the time of search belonged to Abhay Maheshwari. 13. ....
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....t showing details of share application money taken or accepted by M/s Golflink Hospitality Pvt. Lud and outstanding as on balance sheet date is reproduced as under in which name of assessee is appearing: S. No. Name of companies from whom amounts have been taken Share Application Money in lacs! as share application money 2011-12 2009-10 2010-11 35 150 50 T Ms BMA Infotech P Ltd C-161 Sector-50, Noida 2 M's Munny Entertainment Pvt. Ltd. 686, Sector-06, Panchkula, Haryana-134109 3 M's Sunland Holdings Private Limited, Block No. 2, 7th 16.65 Floor. Apex Mall, Lai Kothi, Tonk Road. Jaipur. Rajasthan-302015 MSSB Resorts International Pvt. Ltd. 689. Sector-6. Panchkula, Haryana-134109....
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....6, GF. Todermal Lane, Bengali Market, Delhi-110092. Ms BMA Infotech P Ltd. C-161 Sector-50. Noida M/s Capfin India Ltd. C-12 Ray Street HBS Pitam Pur Delhi-110034 Loan in lacs 2009-10 2010-11 COITIS M/s MDS Investment P. Ltd., H-17, Part-2, South Extension, Delhi-110002. M's Harayali Travelers P. Lid, F-1052. Gaur Green City. Indirapuram. Ghaziabad 10.15 15.48 105 M/s Millenium Impex P. Ltd., 98, DSIDC Complex Okhla Industrial Area, Phase-I, Delhi-110020. M's Stul Holidays Resorts 170 70 M's Cheenu Press Prakashan, 3603, 1st Floor, City Business Centre, Darya Ganj, Delhi-110002. M/s Pranshu Traders P. Ltd., 311, Jagdamba Tower, 13 Preet Vihar, Delhi-110092. TO M's World....