TaxTMI 
TaxTMI 
2023 (9) TMI 981
X X X X Extracts X X X X
X X X X Extracts X X X X
.... year 2015-16, arising out of the assessment order dated 30.12.2017 u/s 144C read with section 143(3) of the Income-tax Act, 1961 (hereinafter referred as the "Act"), passed by the Asstt. Commissioner of Income-tax, Circle 8(2), New Delhi (hereinafter referred in short as "Ld. AO"). 2. Assessee formerly known as Gold Resorts & Hotels Private Limited, was incorporated on 06th March, 2006 and is engaged in the business of building, managing, investing, administering, owning and running of hotels, resorts, motels, inns, apartment, condominium, restaurants, caterers, entertainment places, boarding and lodging, guest houses, cottages etc. Company is a wholly owned subsidiary of Experion Holdings PTE. Ltd. Singapore ('formerly known as Gol....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ction in respect of investor company. The AO has not considered those details and made the addition on the basis of the statement of Director of appellant company and report of FT&TR for the AY 2008-09. No reference was made to FT&TR with respect of investment received by the appellant company during the year from Experion Holding Pte Ltd. Singapore, the holding company of the appellant and therefore, no report received from FT&TR for the year under consideration. The appellant has furnished complete evidences to prove the identity, creditworthiness and genuineness of the transaction of the investor company as per the provisions of section 68. Appellant has furnished the detail of PAN of the investor, registered address, Unique Identity Num....
X X X X Extracts X X X X
X X X X Extracts X X X X
....er the norms of RBI, requisites of section 68 are fulfilled. The addition on account of share capital received from the holding company on the basis of the report of FT&TR for 2008-09 could not be made in the year under consideration as the facts are different during the year. In the year 2008-09 ultimate holding company are based in tax heaven countries hence investment made by them creates suspicion about the source and genuineness of the transaction, whereas in the under consideration the investor company as well as ultimate holding company are based in Singapore and filing their return and showing investment in their return. They are having the financial capacities to make the investment in the subsidiary company and only on the basis o....
X X X X Extracts X X X X
X X X X Extracts X X X X
....istered address of investor company, certificate of incorporation and tax residency certificates were filed. Learned AR has taken the Bench through the financials of the investor company, available at pages 125 to 183 of the paper book, to show the source of investor company. The learned AR has also referred to the documents on record in the form of share capital and fund flow of the investor company to establish the creditworthiness. It also comes up from the material on record that AT Holdings is tax resident of Singapore and has reported net profit of around Rs. 341 crores during the year ended 31st December, 2014. There is force in the contention of learned AR that in fact the investing company being foreign company, the source of sourc....
X X X X Extracts X X X X
X X X X Extracts X X X X
....In this regard, you are requested to explain as to how they are carrying out their business without any office or manpower. You are further requested to explain as to why M/s Experion Holdings PTE Ltd. should not be treated as bogus or shell entity. 4.1 In respect of query raised vide notice u/s 142(1) dated-14.04.2021, they explained that the office of the foreign entity has Deen shifted from earlier premises situated at 50, Raffeles Place, #15-05/06, Singapore Land Tower, Singapore-048623 of M/s Gold Hotels & Resorts Pte. Ltd., to 3, Church Street, # 16-04/05, Samsung Hub, Singapore-049483. In support of their claim, they have submitted a copy of lease agreement with lessee & the copy of submission made before the Accounting and ....