TaxTMI 
TaxTMI 
2025 (10) TMI 1391
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.....2024 passed by the Ld. CIT(A) u/s 250 of the Act which is hereinafter referred to as the "Impugned order". The relevant Assessment Year is 2013-14 and the corresponding previous year period is from 01.04.2012 to 31.03.2013. 2. FACTUAL MATRIX 2.1 That as and by way of an assessment order bearing Number: ITBA/AST/S/147/2021-22/1035532390(1) dated 13.09.2021 passed by the NFAC, Delhi u/s 147 r.w.s. 144B of the Act the total income of the assessee company was computed at Rs. 78,00,000/- + Returned Income of Rs. 49,570/-. The assessee's Return of Income as per ITR filed u/s 148 was Rs. 49,570/- on 10.01.2021. An Addition of Rs. 78,00,000/- was made on account of (1) unexplained cash credit u/s 68 of the Act r.w.s. 115BBE of the Act from t....
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....as were called for. 2.7 That the objection was filed by the assessee on 09.03.2021 and same was disposed off later electronically. 2.8 That the Ld. A.O on internal pages 2 to 6 of the impugned assessment order has explained the modus operandi and brief facts of the case too. 2.9 That the Ld. A.O in view of the above observations (supra) keeping in mind the legal position with reference to the "credits entries" shown by the assessee as income from two companies (supra) added Rs. 78,00,000/- u/s 68 of the Act r.w.s. 115BBE of the Act. 2.10 That it is also recorded in the aforesaid assessment order that the final show cause notice along with draft assessment order were all sent to the assessee during the proceedings. 2.11 That t....
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....raves to add/amend/alter/substitute to any grounds of appeal before or at the time of hearing of the case". 3. Record of Hearing 3.1 The hearing in the matter took place before this Tribunal on 13.10.2025 when the Ld. AR for and on behalf of the assessee appeared before us and interalia brought to our notice that the instant appeal is a covered matter and that there are numbers of orders of this tribunal wherein it has been held that broad issue with regard to M/s Jay-Jyoti (India) Pvt. Ltd being paper company and other companies of Sharad Darak Group including M/s Jayant Securities Pvt. Ltd. has not been accepted. In the paper book/synopsis filed reliance was placed on the following decisions of this Tribunal:- (i) Sanjay Sh....
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....9/Ind/2020 order dated 15.03.2022 (ii) M/s Hi Link City Homes Pvt. Ltd V/s ITO 21), Indore. ITA No. 2/Ind/2021 order dated 19.09.2022. (iii) ACIT, Central-2, Indore V/s Shri Sanjay Shukla. ITA No.333/Ind/2020 order dated 15.03.2022. (iv) ACIT, Central-1, Indore V/s Shri Krishna Devcon Ltd. ITA No. 8 to 10/Ind/2022, IT(SS)A No. 11&3/Ind/2022, C.O. No.03/Ind/2022 order dated 21.08.2023. (v) Joint CIT (OSD)-CC-7(4) V/s M/s. Shalimar Housing & Finance Ltd. ITA No.4079/Mum/2019 order dated 01.06.2021. (vi) ACIT,3(1), Indore V/s Shri Pramod Kumar Sethi. ITA No. 382 & 383/Ind/2014 order dated 06.11.2018. (vii) Sanjeev Kumar Agrawal V/s ACIT(Cntral)-2, Bhopal ITA No. 899/Ind/2024 order dated 24.....
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....plication money and loans [C] Total Invostible surplus [A+B+C] Loan advanc ed to Appel ant Capacity to advance loan (Investible surplus/Loa n) approx. Jayant Security 284.18 (1866.24) 16565.37 14983.31 8 1873 times Jay Jyoti 633.50 10862.25 5123.10 16618.85 70 237 times 4. That both the lender companies are 'active' companies In ROC records till date. 5. Only reason for making the addition Is borrowed satisfaction of AO relying on findings of Investigation in different cases related to Shri Sharad Darak. However, no report of investigation wing or statement of Shri Sharad Darak, if any, has not been confronted to Appellant therefore the addition based thereon is not permissible in law. Reliance Is placed on decision of SC in C. ....