2021 (11) TMI 1233

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....case has been fixed for early hearing as per the order dated 27.08.2021. 4. During the hearing be fore us, the ld. AR relied on the order of the Co-ordinate Bench of ITAT in ITA No. 9890/Del/2019 dated 16.06.2020 in the case M/s Shagun Jewellers (P) Ltd. Vs ACIT. 5. The ld. DR relied on the orders of the authorities below . 6. We have perused the above quoted order and find the background and facts of the case are similar except the quantum involved. For the sake of ready reference, the relevant portion o f the order relied by the ld. AR is reproduced as under: "5. Briefly stated, the facts of the case are that a search was conducted at Ahmadabad and New Delhi in which certain documents were found and seized by the search ....

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.... 29.03.2010 Shagun Jewellers Pvt. Ltd. 83,16,000 0 Govind Interest received 29.03.2010 Shagun Jewellers 83,00,000 0 Govind Delhi   Total 3,13,16,090 1,55,16,090     8. On the strength of the information received from the ADIT, INV, the Assessing Officer assumed jurisdiction u/s 148 of the Act and accordingly, statutory notices were issued and served upon the assessee. ............. 25. Coming to the merits of addition of Rs. 1,55,16,090/-, once again, the entire addition revolves around the statement of Shri Devi Das Tikamdas Chattani. In his statement, Shri Devi Das Tikamdas Chattani stated that Shri Sant Lal Aggarwal is handler and is the....

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....be ignored or brushed aside lightly. Merely because the statement of Shri Sant Lal goes in favour of the assessee, cannot be a reason to disbelieve the same. As mentioned elsewhere, there is no direct evidence brought on record which could suggest that some cash transactions took place between the assessee and the searched person. The observations made by the Assessing Officer at page 25 of the assessment order clearly show that the entire addition has been made on surmises and conjectures. The relevant para of the assessment order reads as under: "From above it is clear that M/s. Shagun Jewellers has had transactions with M/s Index Securities & Research Put Ltd which was a conduit company managed by Mr. Santlal Aggarwal who has fu....

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....0 0 Gian Chand Mohinder Kumar Delhi 31.03.2009 540000 0 Gian Chand Mohinder Kumar Interest received 31.03.2009 0 540000 Gian Chand Mohinder Kumar Delhi A.Y. 2010-11 Date Debit Credit Beneficiary Name Group Contra FY 06.12.2009 1000000 0 Gian Chand Mahender Delhi 2009-10 07.01.2009 534300 0 Gian Chand Mahender Delhi 2009-10 07.01.2009 0 534300 Gian Chand Mahender Interest received 2009-10 29.09.2009 513000 0 Gian Chand Mahender Delhi 2009-10 29.09.2009 0 513000 Gian Chand Mahender Interest received 2009-10 31.10.2009 2000000 0 Gian Chand Mahender Delhi 2009-10 12.07.2....

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....redit Beneficiary Name Group Contra FY 30.06.2011 412500 0 Gian Chand Mahender Delhi 2011-12 30.09.2011 0 412500 Gian Chand Mahender Interest received 2011-12 09.02.2011 1500000 0 Gian Chand Mahender Delhi 2011-12 30.09.2011 461250 0 Gian Chand Mahender Delhi 2011-12 30.09.2011 0 461250 Gian Chand Mahender Interest received 2011-12 27.12.2011 432000 0 Gian Chand Mahender Delhi 2011-12 27.12.2011 0 432000 Gian Chand Mahender Interest received 2011-12 02.08.2012 1000000 0 Gian Chand Mahender Delhi 2011-12 A.Y. 2013-14 Date Debit Credit Beneficiary Name Group Contra ....