ITO, New Delhi V. M/s. Shakti Securities Pvt.Ltd, New Delhi

ITA 1264/DEL/2009

• Counselvise Citation: [2011] 135 COUNSELVISE.COM (IT) 0078 (ITAT-DELHI)
• Duration Of Justice: 1 year(s) 11 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 25-03-2011
• Appeal Filed By: Department
• Order Result: Partly Allowed
• Bench Allotted: G
• Next Hearing Date: 16-03-2011
• Assessment Year: 2000-2001
• Appeal Filed On: 02-04-2009
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: KISHORE B
• Keywords: Unexplained cash credit; Unexplained investment; Additional evidence; Accommodation entries
• Section: 133(6); 68; 148; 144

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH G DELHI BEFORE SHRI C.L. SETHI AND SHRI K.G. BANSAL I.T.A.NO.1264(DEL)/2009 ASSESSMENT YEAR: 2000-01 INCOME-TAX OFFICER, M/S SHA KTI SECURITIES PVT. LTD., WARD 8(1), NEW DELHI. VS. 3948, 2 ND FLOOR, NAYA BAZAR, DELHI. PAN-AABCS7228J (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI KISHORE B, DR RESPONDENT BY : S HRI RAJESH MAHNA, ADVOCATE ORDER PER K.G. BANSAL : AM IN THIS APPEAL, THE REVENUE HAS TAKEN TWO GRO UNDS TO THE EFFECT THAT ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE, THE LD. CIT(APPEALS) ERRED IN (I) ACCEPTING NEW EVIDENCES WHEREAS H E HIMSELF HAS HELD THAT PASSING OF THE ORDER U/S 144 WAS JUSTIFIED; AND (II) DELETING THE ADDITION OF RS. 26,15,000/- MADE BY THE AO U/S 68 RELY ING ON THE DECISION OF HONBLE SUPREME COURT IN THE CASE OF LOVELY EXP ORTS WITHOUT APPRECIATING THAT THE FACTS ARE DISTINGUISHABLE. 2. THE FACTS ARE THAT THE ASSESSEE FILED ITS RETURN ON 30.11.2000 DECLARING TOTAL INCOME OF RS. 17,620/-. THE INFOR MATION WAS RECEIVED ITA NO. 1264(DEL)/2009 2 FROM THE DIRECTOR OF INCOME-TAX (INV.) THAT THE ASSESSEE IS INVOLVED IN OBTAINING ACCOMMODATION ENTRIES. THEREFORE, NOTI CE U/S 148 WAS SERVED ON THE ASSESSEE ON 23.03.2007. IN THE COURSE OF ASSESSMENT PROCEEDINGS, THE ASSESSEE WAS GRANTED AN OPPORTUNITY TO FU RNISH THE DETAILS IN REGARD TO THE FOLLOWING ISSUES:- 1. AMOUNT OF RS. 26,15,000/- RECEIVED FROM SHUJAT HU SSAIN MALL, AMIT KUMAR SINGH, ONYX EXIM & SALES PVT. LTD., KRISHNA CINEMA (INDIA), AAY KAY INVESTMENT ON DIFFERENT DATE, IN THE ABSENCE OF ANY EXPLANATION WHY NOT THE ACTION BE TAKEN AS PER LAW AND SAME SHOULD NOT BE ADDED BACK TO YOUR INCOME. 2. INVESTMENTS OF RS. 17,82,928/-, IN ABSENCE OF ANY EXPLANATION WHY THE SAME SHOULD NOT BE ADDED BACK. 3. IN ABSENCE OF ANY BILL ON ADDITION OF FIXED AS SET WHY THE SAME SHOULD NOT BE ADDED BACK. 4. INTEREST ON LOAN RECEIVED RS. 1,35,016/-, WHY I T SHOULD NOT BE ADDED BACK IN ABSENCE OF ANY EXPLANATION. 2.1 THE ASSESSEE DID NOT FURNISH ANY EXPLANATION . THEREFORE, ASSESSMENT WAS COMPLETED U/S 144 AT THE TOTAL I NCOME OF RS. 44,78,480/- AS UNDER:- TOTAL INCOME FROM BUSINESS 17,619/- ADD: ITEMS DISALLOWED/CONSIDERED SEPARATELY UNEXPLAINED CREDIT U/S 68 26,15,00/- UNEXPLAINED INVESTMENT U/S 69 18,45,858/- TOTAL INCOME 44,78,477/- ROUNDED OFF 44,78,480/- ITA NO. 1264(DEL)/2009 3 3. THE ASSESSEE MOVED AN APPEAL BEFORE THE CIT(APP EALS)-XI, NEW DELHI, WHO DISPOSED IT OFF ON 23.12.2009 IN APPEA L NO. 190/07-08, IN WHICH THE APPEAL WAS PARTLY ALLOWED. IT APPEARS THAT THE ASSESSEE ACCEPTED THIS ORDER, BUT THE REVENUE MOVED THE APPE AL, AS MENTIONED ABOVE. 3.1 FROM THE ORDER OF THE LD. CIT(APPEALS), IT IS SEEN THAT THE GROUNDS TAKEN AGAINST MAKING EX-PARTE ORDER U/S 144 WE RE DISMISSED IN PARAGRAPH NO. 3.1 HOWEVER, THE ASSESSEE WAS GRANTED AN OPPORTUNITY TO SUBSTANTIATE ITS CASE ON MERITS, AND FOR THIS PURP OSE ADDITIONAL EVIDENCE WAS ADMITTED. COMING TO THE ADDITION OF RS. 26 ,15,000/- U/S 68, IT IS MENTIONED THAT THE AO RECEIVED INFORMATION TO T HE EFFECT THAT THE ASSESSEE COMPANY RECEIVED ACCOMMODATION ENTRIES FROM SHUJAT HUSSAIN MALL, AMIT KUMAR SINGH, ONYX EXIM & SALES PVT. L TD., KRISHNA CINEMA (INDIA) PVT. LTD. AND AAY KAY INVESTMENT, ON DIF FERENT DATES. ON EXAMINATION, IT WAS FOUND THAT SOME OF THE ENTRIE S WERE DUPLICATED BY THE AO AND THE ACTUAL AMOUNT RECEIVED FROM THESE PARTIES AGGREGATED TO RS. 14.10 LAKHS ONLY, THE DETAILS OF WHICH ARE AS UNDER:- AMOUNT (RS.) CHEQUE NO. DATE PARTY NAME 100000 44703 5.10.99 ONYX EXIM & SALES PVT. LTD. 100000 44704 5.10.99 ONYX EXIM & SALES PVT. LTD. ITA NO. 1264(DEL)/2009 4 50000 38607 21.12.99 KRISHNA CINEMA (INDIA) P. LTD. 125000 50560 21.12.99 ONYX EXIM & SALES PVT. LTD. 150000 50569 22.1.2000 ONYX EXIM & SALES PVT. LTD. 100000 50570 22.1.2000 ONYX EXIM & SALES PVT. LTD. 50000 38606 29.2.2000 KRISHNA CINEMA (INDIA) P. LTD . 125000 38615 2.3.2000 KRISHNA CINEMA (INDIA) P. LTD . 55000 159462 11.1.2000 AAY KAY INVESTMENT 300000 30298 8.4.1999 ONYX EXIM & SALES PVT. LTD. 50000 38626 15.4.1999 KRISHNA CINEMA (INDIA) P. LTD . 55000 44699 28.9.1999 ONYX EXIM & SALES PVT. LTD. 100000 582950 9.12.1999 SHUJAT HUSSAIN MALL 50000 583056 9.12.1999 AMIT KUMAR SINGH 3.2 THE ASSESSEE FURNISHED EXPLANATION IN RESPEC T OF ALL THESE RECEIPTS. THE LD. CIT(APPEALS) REMANDED THE MATTER TO THE AO, WHO FURNISHED THE REPORT BY WAY OF A LETTER DATED 16.1.2009. IT WAS SUBMITTED THAT NOTICES U/S 133(6) WERE ISSUED TO VARIOUS PARTIES ON 2 8.11.2008. HOWEVER, ALL THESE NOTICES WERE RECEIVED BACK FROM THE POSTA L AUTHORITIES WITH THE REMARKS SUCH AS NO SUCH COMPANY AT GIVEN A DDRESS/LEFT WITHOUT ADDRESS/ NO SUCH PERSON. THESE FACTS WERE BROU GHT TO THE NOTICE OF THE ASSESSEE, WHOSE REPRESENTATIVE REQUESTED THAT NO TICES MAY BE ISSUED AGAIN TO THE PARTIES CALLING FOR INFORMATION. CONSEQUE NTLY, NOTICES WERE ISSUED TO FOUR PARTIES. THESE NOTICES WERE ALSO RETURNE D BY THE POSTAL AUTHORITIES AS THOSE COULD NOT BE SERVED. THEREFORE, IT WAS REPORTED THAT THE INFORMATION FURNISHED BY THE ASSESSEE CANNOT BE VE RIFIED. THE REMAND REPORT WAS FURNISHED TO THE ASSESSEE AND HIS E XPLANATION WAS OBTAINED. ITA NO. 1264(DEL)/2009 5 AFTER CONSIDERING ALL THE FACTS AND EXAMINING TH E CASE RECORDS, THE ACTUAL AMOUNT UNDER DISPUTE HAS BEEN QUANTIFIED AT RS. 14, 10,000/- AND NOT RS. 26,15,000/- AS TAKEN IN THE ASSESSMENT ORDER. T HUS, THE DIFFERENCE OF RS. 12,05,000/- WAS DELETED FROM THE ASSESSMENT. 3.3 IN RESPECT OF THE BALANCE AMOUNT OF RS. 14,10, 000/-, THE LD. CIT(APPEALS) WAS OF THE VIEW THAT IN 147 PROCEEDI NGS, THE BURDEN IS ON THE ASSESSING OFFICER TO MAKE AVAILABLE THE EVIDENCE OR MATERIAL ON THE BASIS OF WHICH ESCAPED ASSESSMENT HAS BEEN ASSESSED, A S DECIDED BY HONBLE DELHI HIGH COURT IN THE CASE OF PRADEEP KUMAR GUP TA, 207 CTR 115. THE AO DID NOT BRING ANY EVIDENCE ON RECORD TO SHO W THAT VARIOUS RECEIPTS OF THE ASSESSEE WERE IN THE NATURE OF A CCOMMODATION ENTRIES. IN THIS CONNECTION, NO STATEMENT WAS RECORDED. T HE EXPLANATION OF THE ASSESSEE WAS NO DOUBT OBTAINED. THE ASSESSEE HAS EXPLAINED THE NATURE OF ENTRIES ALONG WITH SUPPORTING MATERIAL. THERE AFTER, THE AO HAS DONE NOTHING EXCEPT SENDING NOTICES U/S 133(6). SINC E THE PARTIES WERE ASSESSED TO TAX, THE FACTS COULD HAVE BEEN VERIFI ED FROM THEIR RETURNS OF INCOME. THE ADDRESS GIVEN IN THEIR RETURNS WA S THE SAME AS MENTIONED IN THE AFFIDAVIT FILED BY THE ASSESSEE IN REMAND PRO CEEDINGS. THE NOTICE IN CASE OF SHUJAT HUSSAIN MALL WAS RETURNED BY THE POSTAL AUTHORITIES AS HE ITA NO. 1264(DEL)/2009 6 WAS OUT OF DELHI AND IT WAS NOT KNOWN AS TO WHEN HE WILL RETURN TO DELHI. IN RESPECT OF ONYX EXIM & SALES PVT. LTD. AND A AY KAY INVESTMENT, THE TRANSACTIONS WERE IN REGARD TO SALE OF SHARES I N WHICH PROFIT WAS EARNED AND OFFERED FOR TAXATION. IN RESPECT OF OTHER PARTIES, THE MONEY WAS RECEIVED PRIMARILY AS SHARE APPLICATION MONEY, WHICH CANNOT BE INCLUDED IN THE INCOME IN VIEW OF THE DECISION IN THE CASE OF LOVELY EXPORTS. THEREFORE, THE WHOLE OF THE ADDITION WAS DELET ED. 4. BEFORE US, THE LD. DR SUBMITTED THAT THE ASSE SSEE HAD NOT FURNISHED ANY EVIDENCE IN THE COURSE OF ASSESSMENT PROCEEDI NGS. THEREFORE, THE ASSESSMENT WAS MADE U/S 144. THIS ACTION HAS BE EN CONFIRMED BY THE LD. CIT(APPEALS). IN THE COURSE OF PROCEEDINGS BEFO RE THE LD. CIT(APPEALS) ADDITIONAL EVIDENCE HAS BEEN FILED ON WHICH REMAND REPORT HAS BEEN OBTAINED BY HIM. IN THE REMAND PROCEEDINGS, NOTICES WERE ISSUED TWICE AT THE REQUEST OF THE ASSESSEE, HOWEVER, THERE WAS NO COMPLIANCE. ON BOTH OCCASIONS, THE ASSESSEE WAS MADE AWARE ABOUT NO N-EXISTENCE ETC. OF THE PARTIES LEADING TO NON-COMPLIANCE. IN SPITE THERE OF, THE ASSESSEE WAS NOT ABLE TO PRODUCE THE PARTIES FOR EXAMINATION OF THE AO. THEREFORE, IT WAS CONTENDED THAT THE AO WAS JUSTIFIED IN MAKING TH E ADDITION AND THE LD. CIT(APPEALS) ERRED IN DELETING THE ADDITION. I N THE ALTERNATIVE, IT WAS ITA NO. 1264(DEL)/2009 7 CONTENDED THAT THE MATTER MAY BE RESTORED TO THE FILE OF THE AO AND THE ASSESSEE MAY BE DIRECTED TO PRODUCE THE PARTIES BE FORE HIM FOR VERIFICATION OF ENTRIES FROM THEIR BOOKS. 4.1 IN REPLY, THE LD. COUNSEL RELIED ON THE DEC ISION OF THE LD. CIT(APPEALS) AND THE DOCUMENTS PLACED IN THE PAPE R BOOK, WHICH WERE FILED BEFORE HIM. HE ALSO FILED COPIES OF TWO R ETURNS OF THE PARTIES, WHICH WERE NOT EARLIER PLACED IN THE PAPER BOOK. THE ASSESSEE HAS PLACED A CHART BEFORE US SHOWING DETAILS OF TRANSACTIONS AND NATURE THEREOF, CLASSIFYING THEM UNDER FOUR HEADS. IN VIEW OF T HE EVIDENCES AND FINDING OF THE LD. CIT(APPEALS), IT WAS ARGUED THAT NO ADDITION COULD HAVE BEEN MADE TO THE INCOME OF THE ASSESSEE. 5. WE HAVE CONSIDERED THE FACTS OF THE CASE AND SUBMISSIONS MADE BEFORE US. IT IS SEEN THAT THE ASSESSEE RECEIV ED A SUM OF RS. 7,80,000/- AS SHARE APPLICATION MONEY FROM FOUR PARTIES, THE DETAILS OF WHICH, AS PER THE CHART PRODUCED BY THE ASSESSEE, ARE AS UNDER :- S. NO. NAME OF PARTY CHEQUE NO. DATE AMOUNT 1 ONYX EXIM & SALES LTD. 30298 08.04.1999 3,00,000 /- 2 ONYX EXIM & SALES LTD. 44699 28.09.1999 55,000/- 3 SHUJAT HUSSAN MALLICK 582950 09.12.1999 10,000/- 4 AMIT KUMAR SINGH 583056 09.12.1999 50,000/- 5 KRISHNA CINEMA INDIA LTD. 38607 21.12.1999 50,00 0/- 6 KRISHNA CINEMA INDIA LTD. 38606 29.2.2000 50,000 /- ITA NO. 1264(DEL)/2009 8 7 KRISHNA CINEMA INDIA LTD. 38615 02.03.2000 1,25, 000 8 KRISHNA CINEMA INDIA LTD. 38626 15.4.1999 50,000 /- TOTAL: 7,80,000/- 5.1 IN RESPECT OF ONYX EXIM & SALES PVT. LTD., COPIES OF APPLICATION FORMS, CONFIRMATION LETTER MENTIONING PAN, ACKNO WLEDGEMENT OF RETURN FOR ASSESSMENT YEAR 2001-02, AND EXTRACTS FR OM REGISTRAR OF COMPANIES HAVE BEEN FILED. THIS COMPANY HAS PAID VARIOUS AMOUNTS BY WAY OF CHEQUES. IN THE CASE OF KRISHNA CINEMA INDIA L TD., COPIES OF APPLICATION FORM, ACKNOWLEDGEMENT OF THE RETURN FOR THE ASSE SSMENT YEAR 2001-02, CONFIRMATION AND EXTRACT FROM REGISTRAR OF COMPANI ES HAVE BEEN FILED. ALL THE AMOUNTS HAVE BEEN RECEIVED BY WAY OF CHEQU ES. IN CASE OF SHUJAT HUSSAIN MALL, COPIES OF APPLICATION FORM, CONFIRMAT ION AND ACKNOWLEDGEMENT OF RETURN FOR ASSESSMENT YEAR 2001-02 HAVE BEEN FILED. THE MONEY HAS BEEN RECEIVED BY WAY OF CHEQUE. IN CASE OF AMIT KUMAR SINGH, COPIES OF APPLICATION FORM, CONFIRMATION WITH P.A.NUMBER AND ACKNOWLEDGEMENT OF THE RETURN FOR THE ASSESSMENT YEAR 2001-02 HAVE BEEN FILED. MONEY HAS BEEN RECEIVED FROM THIS PERSON ALSO BY WAY OF CHEQUE. ON CONSIDERING THESE EVIDENCES, WE AR E OF THE VIEW THAT NOT ONLY THE IDENTITY OF THE PERSONS HAS BEEN ESTA BLISHED, BUT THEIR CAPACITY AND GENUINENESS OF TRANSACTIONS ON A PRIMA-FA CIE BASIS HAS BEEN PROVED. THEREFORE, THE ASSESSEE HAS DISCHARGED THE BURD EN CAST ON HIM. THEREAFTER, ITA NO. 1264(DEL)/2009 9 THE AO HAS DONE NOTHING BUT TO ISSUE NOTICES. THIS DOES NOT DISCHARGE THE ONUS WHICH SHIFTED TO HIM. ACCORDINGLY, WE ARE OF THE VIEW THAT THE LD. CIT(APPEALS) WAS RIGHT IN DELETING THIS AD DITION. 5.2 THE CHART ALSO SHOWS THAT THE ASSESSEE REC EIVED TWO CHEQUES OF RS. 1.00 LAKH EACH DATED 5.10.1999 FROM ONYX EXIM & SALES PVT. LTD. THESE AMOUNTS WERE RECEIVED AS SALE PROCEED S OF SHARES. IN THE BOOKS OF THE ASSESSEE, THE AMOUNT IN RESPECT OF SALE O F SHARES WAS DEBITED ON 15.9.1999. TWO CHEQUES HAVE BEEN CREDITED ON 4.1 0.1999. IT APPEARS THAT THE CHEQUES WERE REALIZED ON 5.10.1999 IN THE BANK ACCOUNT OF THE ASSESSEE. NO CASE HAS BEEN MADE OUT REGARDING BO GUS NATURE OF SALE OF SHARES. THE PROFIT ON SALE OF SHARES IS STATED T O HAVE BEEN CREDITED TO THE PROFIT AND LOSS ACCOUNT. THIS FACT HAS NOT BEEN REBUTTED BY THE LD. DR. THE IDENTITY OF THIS PARTY STANDS ESTABLISHED A S DISCUSSED EARLIER. THEREFORE, WE ARE OF THE VIEW THAT NO ADDITION COULD HAVE BEEN MADE ON THIS GROUND ALSO. 5.3 THE TABLE ALSO SHOWS RECEIPTS OF THREE CH EQUES OF RS. 1,25,000/-, RS. 1,50,000/- AND RS. 1,00,000/- FROM ONYX EXIM & SALES LTD. ON 21.12.1999, 22.1.2000 AND 22.1.2000 RESPECTIVELY . THESE CHEQUES ARE ITA NO. 1264(DEL)/2009 10 STATED TO BE IN RESPECT OF BUSINESS TRANSACTIONS , I.E., PURCHASE OF SHARES. THE ASSESSEE HAS PLACED A CONSOLIDATED ACCOUNT IN RESPECT OF SALE OF SHARES AND RECEIPT OF THE AFORESAID AMOUNT ALON G WITH THE RETURN OF MONEY ON PAGE NO. 24 OF THE PAPER BOOK, WHICH IS REPROD UCED BELOW:- DATE PARTICULARS VCH TYPE VCH NO. DEBIT CREDIT 26.5.99 BY PUNJAB NATIONAL BANK CH. NO.KSBL040433 RECEIPT 3 10,000.00 15.9.99 TO RLF INDUSTRIES LTD.- SHARES BEING SALE OF 20000 SHARES OF RLF INDUSTRIES LTD. MADE JOURNAL 1 2,00,000.00 25.9.99 BY PUNJAB NATIONAL BANK CH. NO.KSBL044700 RECEIPT 8 45,000.00 4.10.99 BY PUNJAB NATIONAL BANK CH. NO.KSBL044703 BY PUNJAB NATIONAL BANK CH. NO.KSBL044704 RECEIPT RECEIPT 9 10 1,00,000.00 1,00,000.00 20.12.99 BY PUNJAB NATIONAL BANK CH. NO.KSBL 050560 RECEIPT 22 1,25,000.00 21.1.2000 BY PUNJAB NATIONAL BANK CH. NO.KSBL050569 RECEIPT 23 1,50,000.00 BY PUNJAB NATIONAL BANK CH. NO.KSBL 050570 PAYMENT 24 1,00,000.00 27.1.2000 TO PUNJAB NATIONAL BANK CH. NO. 460080 PAYMENT 9 2,30,000.00 14.2.2000 BY PUNJAB NATIONAL BANK CH. NO.KSBL 058652 RECEIPT 25 15,000.00 29.3.2000 TO PUNJAB NATIONAL BANK CH. NO. 464004 PAYMENT 14 2,15,000.00 TOTAL: 6,45,000.00 6,45,000.00 ITA NO. 1264(DEL)/2009 11 THIS ACCOUNT SHOWS DEBIT IN RESPECT OF SALE OF 20,000 SHARES OF RLF INDUSTRIES LTD. AND RECEIPT OF THE AFORESAID M ONIES AND THE SETTLEMENT OF THE ACCOUNT. THE ACCOUNT WAS SETTLED ON 29.3.2 000 BY FINAL PAYMENT OF RS. 2,15,000/-, THEREBY SQUARING UP THE ACCOUNT. HOWEVER, CONFIRMED COPY OF THE AFORESAID ACCOUNT HAS NOT BEEN PLACE D IN THE PAPER BOOK. AS MENTIONED EARLIER, VARIOUS DETAILS IN RESPECT OF THIS PARTY, SUCH AS ACKNOWLEDGEMENT OF THE RETURN AND THE COMPANYS DETAILS HAVE BEEN PLACED ON PAGE NOS. 9 AND 10 OF THE PAPER BOOK. THE CONFIRMATION IN RESPECT OF MONEY RECEIVED FROM THIS COMPANY FO R ALLOTMENT OF SHARES HAS ALSO BEEN PLACED IN THE PAPER BOOK ON PAGE NO . 8. BUT, THE CONFIRMATION OF THE ACCOUNT REGARDING RECEIPT OF THE AFORESAID AMOUNTS, WHICH FIND A PLACE IN THE CONSOLIDATED ACCOUNT , HAS NOT BEEN FILED (PAGE NO. 24 OF THE PAPER BOOK). IN VIEW THEREOF, W E THINK IT FIT TO RESTORE THIS MATTER TO THE FILE OF THE AO FOR VERIFICATION OF THE GENUINENESS OF THE CREDITS. THERE ARE ALSO OTHER TRANSACTIONS AGGREGATING TO RS. 70,000/- WHEREIN THREE AMOUNTS OF RS. 10,000/-, RS. 45,000/ - AND RS. 15,000/- ARE STATED TO HAVE BEEN RECEIVED FROM ONYX EXIM &SA LES LTD. BY WAY OF CHEQUES ON 26.5.1999, 25.9.1999 AND 14.2.2000. THESE AMOUNTS HAVE BEEN SHOWN IN THE LEDGER ACCOUNT PLACED ON PAGE N O. 24. AS THIS ACCOUNT ITA NO. 1264(DEL)/2009 12 HAS ALSO NOT BEEN CONFIRMED BY THE COMPANY, THIS M ATTER IS ALSO RESTORED TO THE FILE OF THE AO TO ASCERTAIN THE GENUINENESS O F THE CREDITS. 5.4 THE RESULT OF THE DISCUSSION IS THAT THE ORDER OF THE LD. CIT(APPEALS) IN REGARD TO DELETION OF THE AMOUNT OF RS. 12,05, 000/- AND RS. 9,80,000/- IS CONFIRMED. THE MATTER IN RESPECT OF RS. 4,45,000/ - RECEIVED FROM ONYX EXIM & SALES LTD. AND RETURNED TO THE PARTY IS RESTORED TO THE FILE OF THE AO FOR FRESH CONSIDERATION AND DECISION AS PER LAW. 6. IN SO FAR AS ACCEPTING NEW EVIDENCE EVEN W HEN ORDER U/S 144 WAS HELD TO BE JUSTIFIED IS CONCERNED, WE DO N OT FIND ANY INFIRMITY IN THE ORDER OF THE LD. CIT(APPEALS) AS THE FRESH EVI DENCE WAS ADMITTED BY FOLLOWING THE PROCEDURE LAID DOWN IN RULE 46A A ND THE REMAND REPORT OF THE AO WAS OBTAINED. 7. IN THE RESULT, THE APPEAL IS TREATED AS PARTL Y ALLOWED FOR STATISTICAL PURPOSES. THIS ORDER WAS PRONOUNCED IN THE OPEN COURT ON 25 MARCH, 2011. SD/- SD/- (C.L. SETHI) (K.G.BANSAL) JUDICIAL MEMBER ACCOUNTANT MEMBER DATE OF ORDER: 25TH MARCH, 2011. SP SATIA ITA NO. 1264(DEL)/2009 13 COPY OF THE ORDER FORWARDED TO: SHAKTI SECURITIES PVT. LTD., DELHI. ITO, WARD 8(1), NEW DELHI. CIT(A) CIT THE DR, ITAT, NEW DELHI. ASSISTANT REG ISTRAR.