2023 (2) TMI 575

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nd of unaccounted income of the appellant company. 1.2 That learned CIT (Appeals) failed to consider the fact that investments under consideration were duly disclosed in the audited books of accounts. Additions of Rs. 46,80,000, on the ground of undisclosed income is therefore not sustainable as per law and as per settled legal propositions. 1.3 That learned CIT (Appeals) further erred by not considering the fact that provisions of section 69 is applicable only when investments are not recorded in the books of accounts. In the instant case, investments are duly recorded in the books of accounts. Hence, no additions were called for on the ground of unexplained investments. 1.4 That the learned CIT (Appeals) was oug....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....oup of Ahmedabad on 04.12.2014 and subsequent dates. During the course of search from various premises incriminating evidences indicating that the funds received in the said company in form of share capital was not genuine. The Assessing Officer made addition of Rs. 46,80,000/- towards bogus accommodation entry under Section 69 of the Act. 4. Being aggrieved by the assessment order the assessee filed appeal before the CIT(A). The CIT(A) dismiss the appeal of the assessee. 5. There is a delay of 247 days in filing the present appeal before the Tribunal for which the assessee has filed condonation of delay application thereby stating that the ex-employee of the assessee who was looking after accounts did not inform the order passes by t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....essing Officer had no information about the escapements of income by the assessee company for the year under consideration. The assessee has submitted that investments made by the assessee amongst the application of funds and not source of funds. Application of funds were made from the capital of the company, however, the assessee company was listed company earlier in the year 1996 and it has old capital since the year 1996. Thus, the assessee submitted before the CIT(A) no new source was generated for the investment in the Barter Group of companies and the assessee is maintaining books of accounts, audited the said books of accounts regularly. The assessee further submitted before the CIT(A) that the assessee company had out of its own fun....