2023 (4) TMI 417

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....4/IND/2012 qua assessment order 2005-2006. 2. Shri Purohit, learned Sr. Counsel with Shri Esaan Tripathi, learned counsel for the appellant/assessee and Shri Sanjay Lal, learned counsel for the Income Tax Department are heard on the substantial questions proposed by the petitioner/assessee to the following effect : "I. Whether the Tribunal was right in law in drawing an assumption based purely on suspicion that since the shares are transferred at Rs.2/- per share after two years, is a lawful conclusion supported by evidence and is a correct inference in law? II. Whether in the facts and circumstances of the case on the face of voluminous documentary evidences and there being no evidence to support the conclusion of the Tribunal the fi....

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....be treated as returns filed in response to the notice under Section 153A. The Assessing Officer based on the material on record assessed the income as Rs.72,96,595/- as against declared income of Rs.4,66,938/-. The Assessing Officer made an addition of Rs.65 lacs by invoking Section 68 of the IT Act being the investment into share capital on the strength of the documents found at the resident of the Director of petitioner/Company. The Assessing Officer treated this as unaccounted money of Directors utilized by the Directors of assessee/company to get shares capital accommodation entry from these to investors company at Mumbai. 5. Aggrieved the assessee/petitioner preferred an appeal to the CIT (A) who partly allowed the same relating the a....