Prime Infoways Pvt. Ltd., New Delhi V. DCIT, New Delhi

ITA 2466/DEL/2013

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 7537 (ITAT-DELHI)
• Duration Of Justice: 3 year(s) 1 month(s) 17 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-06-2016
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: F
• Next Hearing Date: 12-04-2016
• Assessment Year: 2009-2010
• Appeal Filed On: 26-04-2013
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: SHRAVAN GOTRU
• Assessee Lawyers: J N MARWAH
• Keywords: Unexplained cash credit; Income from undisclosed sources; Document seized; Accommodation entries; Onus to prove; Documents seized
• Section: 143(3); 133A; 153A; 68; 132

Judgement Text

PAGE 1 OF 10 PRIMA INFOWAYS PRIVATE LIMITED V DCIT CENT CIRCLE - 17 NEW DELHI A Y 2009 - 10 ITA NO 2466/DEL/2013 INCOME TAX APPELLATE TRIBUNAL DELHI BENCH F : NEW DELHI BEFORE SHRI H.S.SIDHU , JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER ITA NO. 2466/DEL/2013 (ASSESSMENT YEAR: 2009 - 10 ) PRIME INFOWAYS PVT. LTD., B - 33, SHIVALIK MALVIYA NAGAR, NEW DELHI PAN:AADCP5889N VS. DCIT, CENTRAL CIRCLE - 17, NEW DELHI (APPELLANT) (RESPONDENT) ASSESSEE BY : SH.J.N. MARWAH, FCA REVENUE BY: SH. SHRAVAN GOTRU, SR. DR DATE OF HEARING 12/4/ 2016 DATE OF PRONOUNCEMENT 1 3 /0 6 /2016 O R D E R PER PRASHANT MAHARISHI, A. M. 1. THIS IS APPEAL FILED BY THE ASSESSEE AGAINST THE ORDER OF THE LD CIT ( A) - II, NEW DELHI DATED 20.03.2013 FOR THE ASSESSMENT YEAR 2009 - 10. THE ASSESSEE HAS RAISED THE FOLLOWING GROUNDS OF APPEAL: - THE LEARNED CIT ( A) ERRED IN FACT AND IN LAW CONFIRMING THE ADDITION OF RS.78,60,000/ - , WHICH IS NOT ONLY BAD IN LAW BUT ALSO AGAINST THE FACTS AND CIRCUMSTANCES OF THE CASE. 2. IN TH IS GROUND OF APPEAL THERE ARE TWO ADDITIONS ARE INVOLVED. THE 1 ST ADDITION CONFIRMED BY THE LD. CIT APPEAL IS WI TH RESPECT TO RS. 28,60,000/ - ON ACCOUNT OF UNEXPLAINED RECEIPTS TOWARDS THE BOOKING OF SPACE OUT OF THE TOTAL ADDITION OF RS. 4702000/ - MADE BY THE ASSESSING OFFICER. THE SECOND ADDITION WAS WITH RESPECT TO RS. 50 LACS RECEIVED FROM M/S STALWART R EALTORS PRIVATE LIMITED AGAINST ADVANCE BOOKING FOR SALE OF FLATS, WHICH WAS ADDED BY THE LD. ASSESSING OFFICER UNDER SECTION 68 OF THE INCOME TAX ACT. 3. ON 04/04/2016 THE ASSESSEE HAS MOVED A PRAYER FOR ADMISSION OF ADDITIONAL GROUND OF APPEAL: - THAT IN LAW THE LD. AO ERRED IN FRAMING THE ASSESSMENT U/S 143 (3) RELYING ON DOCUMENTS SEIZED IN A SEARCH ON A 3 RD PARTY WITHOUT SATISFACTION UNDER SECTION 153C AND WITHOUT ISSUE OF NOTICE UNDER SECTION 153A . PAGE 2 OF 10 PRIMA INFOWAYS PRIVATE LIMITED V DCIT CENT CIRCLE - 17 NEW DELHI A Y 2009 - 10 ITA NO 2466/DEL/2013 4. IT WAS SUBMITTED THAT A DUMB DOCUMENT WAS SEIZED FROM THE PR EMISES OF A THIRD PARTY , THE LD. ASSESSING OFFICER HAS COMPLETED THE ASSESSMENT PROCEEDINGS UNDER SECTION 143 (3) INSTEAD OF U /S 153A RWS 153C OF THE ACT . HE STATED THAT IT IS THE ROOT CAUSE OF THE ADDITION AND GROUND IS LEGAL IN NATUR E. HE FURTHER STATE D THAT NO FRESH FACTS ARE REQUIRED TO BE LOOKED INTO TO DECIDE THE ABOVE GROUND OF APPEAL. THEREFORE, THIS GROUND OF APPEAL SHOULD BE ADMITTED AND ADJUDICATED. 5. LD. D EPARTMENTAL REPRESENTATIVE OBJECTED TO THE ADMISSION OF ADDITIONAL GROUND SUBMITTING THAT T HERE IS NO ERROR IN THE ORDER PASSED U/S 143(3) OF THE ACT BY THE AO, WHICH IS C ONFIRMED BY THE LD. CIT (A). HE FURTHER SUBMITTED THAT ASSESSEE HAS NOT TAKEN THIS OBJECTION BEFORE THE LD. AO AS WELL AS BEFORE THE LD. CIT (A) AND THEREFORE AT THIS STAGE THI S GROUND O F APPEAL SHOULD NOT BE ADMITTED. 6. WE HAVE CAREFULLY PERUSE D THE PRAYER OF THE ASSESSEE FOR ADMISSION OF ADDITIONAL GROUND OF APPEAL . IT IS APPARENT THAT THIS GROUND OF APPEAL IS PURELY LEGAL IN NATURE AND DOES NOT REQUIRE ANY FURTHER FACTS TO BE ADDUCED BY BOTH THE PARTIES. IN VIEW OF THIS, WE ADMIT ADDITIONAL GROUND OF THE APPEAL FOR ADJUDICATION. 7. THE BRIEF FACTS OF THE CASE ARE THAT APPELLANT COMPANY IS A PRIVATE LIMITED COMPANY ENGAGED IN THE BUSINESS OF REAL ESTATE. THE FACTS NOTED BY TH E LD. ASSESSING OFFICER THAT IN THIS CASE, THE INVESTIGATION WING CONDUCTED SURVEY U/S 133A ON 20 OF OCTOBER 2008 AND PURSUANT TO SURVEY, NOTICES UNDER SECTION 142 (1) AND 143 (2) DATED 18.08.2010 WERE ISSUED. IN RESPONSE TO THESE NOTICES, THE ASSESSEE FILED COPY OF THE RETURN ALREADY FILED BY IT. THE REASON FOR THE SURVEY CONDUCTED ON THE ASSESSEE WAS THAT IT HAS AN INTERCONNECTED BUSINESS ACTIVITY WITH M/S THAPAR HOME GROUP OF CASES, WHICH WAS, SEARCHED ON THE SAME DAY U/S 132 OF THE INCOME TAX ACT. DURING THE COURSE OF SEARCH AT PLACE OF ONE OF THE DIRECTOR OF THE GROUP LOOSE PAPER BEING PAGE NO. 1 AND 2 OF ANNEXURE A 12 WAS IMPOUNDED. ACCORDING TO LD. ASSESSING OFFICER, THESE PAGES CONTAINED DETAILS OF THE AREA BOOKED BY VARIOUS CONCERNS IN ONE PROJECT WHERE THE APPELLANT ALONG WITH TWO OTHER COMPANIES WERE DEVELOPERS, SHOWING SQUARE FEET, RATE PER SQUARE FEET, AMOUNT IN CASH, AMOUNT BY CHEQUE AND BALANCE AMOUNT. ACCORDING TO THE AO, THE PARTIES WHO BOOKED THE AREA ARE DUMMY CONCERNS OF M/S THA PAR HOME GROUP, AND THESE PARTIES WERE HELD TO BE BOGUS ENTITIES ENGAGED IN HUGE CAPITAL FORMATION OPERATED BY MR. . B K DHINGRA. DURING THE COURSE OF ASSESSMENT PROCEEDINGS, THE ASSESSEE DENIED ANY FINANCIAL IMPLICATION OF THE SEIZED DOCUMENT STATING TH AT THESE PAGES ARE NOT PERTAINING TO THE ASSESSEE COMPANY AND DO NOT HAVE ANY BUSINESS RELATIONSHIP WITH THE PERSON SEARCHED FROM WHOM PAPER IS IMPOUNDED. IT WAS FURTHER STATED THAT THAT THE PREMISES WHEREFROM THE DOCUMENT SEIZED ALSO DOES NOT BELONG TO IT. LEARNED AO REJECTED THE CONTENTION OF THE ASSESSEE. ACCORDING TO HIM, PAGE 3 OF 10 PRIMA INFOWAYS PRIVATE LIMITED V DCIT CENT CIRCLE - 17 NEW DELHI A Y 2009 - 10 ITA NO 2466/DEL/2013 SEIZED DOCUMENT IS A CHART SHOWING NAMES OF 66 PARTIES AND AGAINST THEIR NAME AREA BOOKED IN SQUARE FEET, RATE PER SQUARE FEET AND TOTAL ADVANCE PAYMENT IS MENTIONED. NEXT COLUMNS SHOWS AMOUNT IN CHEQUE, CASH, CHEQUES ISSUED AND BALANCE AMOUNT. ON ANALYSIS OF THAT CHART, TOTAL AMOUNT WAS OF RS. 47,02,000/ - / - WHICH WAS NOT SHOWN AS RECEIPT, LD. AO ADDED IT AS UNEXPLAINED CASH CREDIT . FURTHER, FOR THE YEAR, ASSESSEE HAS SHOWN RS. 1 4000000/ - AS A CREDITOR FROM M/S STALWARTS PRIVATE LIMITED AND OUT OF THIS AN AMOUNT OF RS. 5000000/ - IS RECEIVED DURING THE YEAR AND RS. 9000000/ - WAS OUTSTANDING BALANCE FOR THE LAST YEAR. ACCORDING TO THE LD. ASSESSING OFFICER IS STALWARTS REALTORS PRI VATE LTD IS NOT DOING ANY REAL BUSINESS AND THIS COMPANY IS FORM FOR CREATING ARTIFICIAL CAPITAL AND THEN PROVIDING ACCOMMODATION ENTRIES TO THE OTHER COMPANIES OF THE GROUPS WHEREVER THE CAPITAL IS NEEDED. AS DURING THE YEAR THE COMPANY RECEIVED RS. 5 000 000 ONLY THE LD. ASSESSING OFFICER HELD THAT CREDITWORTHINESS OF THIS COMPANY AND GENUINENESS OF THIS AMOUNT IS NOT ESTABLISHED AND HENCE AN ADDITION UNDER SECTION 68 OF THE INCOME TAX ACT OF RS. 5000000 / - IS MADE TO THE TOTAL INCOME OF THE ASSESSEE. C ONSE QUENTLY THE TOTAL INCOME WAS ASSESSED AT RS. 9687330/ - U/S 143(3) OF THE ACT. 8. APPELLANT ASSESSEE AGGRIEVED WITH THE ORDER OF THE LD. AO PREFERRED AN APPEAL BEFORE THE COMMISSIONER OF INCOME TAX (APPEALS). BEFORE THE LD. CIT (A), ASSESSEE SUBMITTED THAT TH E ADDITION WAS MADE ON SURMISES AND CONJECTURES. SHRI BK DHINGRA WAS THE THIRD PARTY WHO HAD NO CONNECTION WITH THE APPELLANT THAT AS PER HEADING OF THE CHART SEIZED IT MERELY LISTED PARTIES TAKING INTEREST IN THE RESIDENTIAL PROJECTS. HE SUBMITTED THERE IS NO SIGNATURE OF THE DIRECTOR/ SHAREHOLDER ON IT. THEREFORE, BURDEN OF PROOF RESTS WITH THE REVENUE. HE FURTHER SUBMITTED THAT NO CHEQUES WERE EVER TRANSACTED AS PER THE BANK STATEMENTS AS THE COUNTERFOILS OF CHEQUEBOOK SEIZED BY THE INCOME TAX DEPART MENT. ASSESSEE FILED CONFIRMATION FROM PARTIES BEFORE THE LD. AO , WHICH WAS REJECTED BY HIM WITHOUT EXAMINATION. BASED ON THE ABOVE FACTS AND CIRCUMSTANCES THE LD. CIT (A) DECIDED THE ISSUE AGAINST THE ASSESSEE CONFIRMING THE ADDITION OF RS . 2860,000/ - OUT OF RS 47,02,000/ - AS THE BALANCE AMOUNT WAS NOT FALLING IN THE CURRENT ASSESSMENT YEAR. REASONS GIVEN FOR CONFIRMING THE ADDITION BY LD. CIT (A) THAT NOTING ON THE PAGES ARE NOT PROJECTIONS BUT RECORD OF REAL EVENTS. ACCORDING TO HIM COUNT ERFOIL OF THE CHEQUEBOOK IS A BASIC AND PRIMARY RECORD CREATED BY THE DRAWER OF THE CHEQUE IMMEDIATELY UPON WRITING OF THE CHEQUE SINCE THE ENTRY OF SIX CHEQUES IN THE COUNTERFOIL CORROBORATE THE SIX ENTRIES RECORDED UNDER THE COLUMN 6 IN THE SEIZED CHART . FURTHER PROVISIONS OF SECTION 292C OF THE ACT, WHICH RAISES THE PRESUMPTION ABOUT THE CORRECTNESS OF THE CONTENTS OF THE SEIZED DOCUMENTS AND ACCORDING TO HIM AS THE TRANSACTION MADE BY THE CHEQUE IS CORROBORATED BY THE PAGE 4 OF 10 PRIMA INFOWAYS PRIVATE LIMITED V DCIT CENT CIRCLE - 17 NEW DELHI A Y 2009 - 10 ITA NO 2466/DEL/2013 PRIMARY DOCUMENT COMPRISING THE COUNTERFOILS OF CHEQUE BOOKS THAT WERE SEIZED FROM THE RESIDENCE OF THE DIRECTOR OF THE THAPAR GROUP OF COMPANY. THIS ACCORDING TO HIM WAS SUFFICIENT TO ESTABLISH THE CORRECTNESS OF THE REST OF THE DOCUMENT. ON CONFIRMATION, HE STATED THAT THE LD. AO CO RRECTLY REJECTED THEM WITHOUT CARRYING OUT THE REQUISITE VERIFICATION, AS THOSE WERE IDENTICAL EVEN IN THEIR PUNCTUATIONS. THEREFORE, ACCORDING TO HIM IT WAS OBVIOUS THAT ALL THE PARTIES INCLUDING THE APPELLANT COMPANY ARE CLOSELY CONNECTED TO ONE ANOTHER AND IN THE CIRCUMSTANCES WHEN THERE ARE CLEAR NEXUS OF THE TRANSACTION THE CONFIRMATION OBTAINED BY THE ASSESSEE WOULD BE MEANINGLESS AND FUTILE. HE THEREFORE HELD THAT NON - ISSUE OF SUMMONS OR NOTICES TO EXAMINE THE PARTIES WAS JUSTIFIED. REGARDING THE AD DITION OF RS. 50 LACS THE ADDITION WAS CONFIRMED AS THERE WERE NO TRADING ACTIVITIES IN THE LENDER COMPANY BUT ONLY AN ACCUMULATED PROFIT OF RS . 3.59 CRORES REFLECTED IN THE BALANCE SHEET AS ON 31 ST MARCH 2008. THEREFORE THE CREDIT ENTRY OF RS. 50 LACS APP EARING IN THE BOOKS OF THE APPELLANT COMPANY IN THE NAME OF STALWARTS REALTORS PRIVATE LIMITED WAS ALSO HELD AS UNEXPLAINED CREDIT UNDER SECTION 68 BY THE CIT (A). AGAI NST THIS ORDER OF THE ASSESSEE IS IN APPEAL BEFORE US. 9. ON THE ISSUE OF ADDITIONAL GROUND OF APPEAL ROSE BEFORE THE ARSENAL AND AUTHORIZED REPRESENTATIVE SUBMITTED THAT THIS ISSUE IS SIMILAR TO THE ADDITIONAL GROUND RAISED BEFORE THE BENCH IN CASE OF ITA NO. 2463/DEN/2013 . HE ALSO STATED THAT THE ARGUMENTS ARE THE SAME, WHICH WERE ADVANCED BEFORE THE BENCH IN THAT ITA. LD. DEPARTMENTAL REPRESENTATIVE ALSO STATED THAT SIMILARLY THE ARGUMENTS ARE PLACED FROM THE SIDE OF THE REVENUE ALSO. 10. WE ALSO CAREFULLY PERUSED THE ADDITIONAL GROUND RAISED BEFORE US. IN ITA NO . 2463/DEL/2013 WE HAVE DISMISSED THE ADDITIONAL GROUND OF APPEAL AS UNDER: - 13. ON LEGAL ISSUE, ADMITTEDLY, ASSESSMENT HAS BEEN FRAMED BY THE LD. AO U/S 143(3) OF THE ACT AND WHOLE ADDITION HAS BEEN MADE BASED ON SEIZED DOCUMENT BEING PAGE 1 OF ANNEXUR E A - 12 IMPOUNDED FROM THE PREMISES SITUATED AT 604, TOWER IIA, RAJENDER PALACE, NEW DELHI DURING SEARCH ON THAPAR HOMES GROUP OF CASES. THEREFORE, APPARENTLY, IMPOUNDED MATERIAL RECEIVED BY LD. AO IS IN CASE OF SEARCH ON THIRD PARTY AND HE WAS OF THE VI EW THAT DOCUMENTS BELONG TO THE ASSESSEE AND IT HAS A BEARING ON THE DETERMINATION OF THE TOTAL INCOME OF THE APPELLANT. WITH EFFECT FROM 1 ST JUNE 2003, PROVISIONS OF SECTION 153A TO 153C ENACTED, WHICH COVERS THE NEW SCHEME OF SEARCH ASSESSMENTS. ACCORDI NGLY, WHERE THE ASSESSING OFFICER IS SATISFIED THAT ANY BOOKS OF ACCOUNT OR OTHER DOCUMENTS SEIZED IN SEARCH PERTAINS TO PERSON OR ANY INFORMATION CONTAINED THEREIN RELATES TO PERSON OTHER THAN THE PERSON SEARCHED, THEN THE BOOKS OF ACCOUNTS ETC. OR SEIZE D DOCUMENTS SHALL BE HANDED OVER TO THE AO HAVING JURISDICTION OVER SUCH OTHER PERSON. ON RECEIPT OF SUCH INFORMATION, AO SHALL PROCEED AGAINST SUCH OTHER PERSON AND ISSUE NOTICE AND ASSESSEE OR REASSESS THE INCOME OF THE OTHER PERSON IN ACCORDANCE WITH T HE PROVISIONS OF SECTION 153A. FOR THIS FURTHER CONDITION IS THAT AO SATISFIES THAT THE DOCUMENT STATED ETC HAVE A BEARING ON THE DETERMINATION OF THE TOTAL INCOME OF SUCH OTHER PERSON FOR THE RELEVANT ASSESSMENT YEAR. THEN PROVISIONS OF SECTION 153A RW S 153C OF THE INCOME TAX ACT GOVERN ASSESSMENT. IN CONTEXT OF THESE PROVISIONS IN THE PRESENT FACT, IT IS APPARENT PAGE 5 OF 10 PRIMA INFOWAYS PRIVATE LIMITED V DCIT CENT CIRCLE - 17 NEW DELHI A Y 2009 - 10 ITA NO 2466/DEL/2013 THAT THAT IMPUGNED DOCUMENTS WERE FOUND DURING THE COURSE OF SEARCH ON THIRD PARTY, WHICH HAS BEEN RECEIVED BY THE LD. AO. NOW LD. AO IS D UTY BOUND TO RECORD HIS SATISFACTION ABOUT SEIZED DOCUMENTS HAVING BEARING ON THE INCOME OF THE ASSESSEE. AFTER THAT, HE HAS TO PROCEED TO ASSESS THE INCOME OF THE ASSESSEE ACCORDING TO SECTION 153A OF THE INCOME TAX ACT.THE ASSESSING OFFICER IS EMPOWERED TO ASSESS SIX ASSESSMENT YEARS IMMEDIATELY PRECEDING THE ASSESSMENT YEAR RELEVANT TO THE PREVIOUS YEARS IN WHICH SEARCH TAKES PLACE. IN THIS CASE, SEARCH WAS CONDUCTED ON 20 - 10 - 2008, PREVIOUS YEAR IS F Y 2008 - 09 AND AY 2009 - 10, AND THEREFORE IMPUGNED ASSE SSMENT YEAR IS OUTSIDE THE PURVIEW OF SECTION 153A OF THE ACT. IN VIEW OF THIS THE ADDITIONAL GROUND RAISED BY THE APPELLANT WITH RESPECT TO APPLICABILITY OF SECTION 153C AND ALL OTHER CONSEQUENT ISSUES ARE REJECTED AND ASSESSMENT U/S 143(3) IN THE PRESEN T CASE IS UPHELD. THEREFORE, ADDITIONAL GROUND OF APPEAL OF THE APPELLANT IS DISMISSED. 11. THEREFORE FOLLOWING OUR OWN DECISION IN ITA NO. 2463 DEL - 2013 DATED 13/06/2016 WE DISMISS THE ADDITIONAL GROUND OF APPEAL OF THE ASSESSEE. 12. LD. AUTHORIZED REPRESENTATIVE SUBMITTED BEFORE US THAT THIS ISSUE IS SIMILAR TO THE ISSUE STATED IN THE CASE OF OTHER COMPANIES IN ITA NO. 2463/DEL/2013 . FURTHER ISSUE OF ADDITION UNDER SECTION 68 IN CASE OF STALWARTS REALTORS PRIVATE LIMITED IS SIMILAR TO WHAT WAS ARG UED IN CASE OF ITA NO. 2464/DEL/2013 . HE FURTHER SUBMITTED THAT THAT THE ARGUMENTS OF THE ASSESSEE ARE SAME. LD. DEPARTMENTAL REPRESENTATIVE ALSO AGREED TO THE FACT THAT IDENTICAL ISSUES HAVE BEEN ARGUED BY PARTIES IN ABOVE APPEALS. WE HAVE ALSO CAREFULLY CONSIDERED THE GROUND IN THIS APPEAL AS WELL AS THE ISSUE IS COVERED IN THOSE APPEALS AND WE ARE CONVINCED THAT THEY ARE IDENTICALLY NATURE. 13. ON THE ISSUE OF ADVANCE MONEY IN CASE OF BOOKING OF SPACES AND RELATED PROJECTS OF THE APPELLANT WE HAVE ALREADY DE CIDED THIS ISSUE IN ITA NO. 2463/DEL/2013 AS UNDER: - 6. WE HAVE CAREFULLY CONSIDERED THE RIVAL CONTENTIONS AND PERUSED THE ORDERS OF THE LOWER AUTHORITIES AND THE DOCUMENT SEIZED. WE HAVE ALREADY DISCUSSED THE BRIEF FACTS OF THE CASE ABOVE. NOW IT IS NECE SSARY TO ANALYSES THE DOCUMENT SEIZED, CERTIFIED COPIES OF WHICH ARE PLACED ON RECORD BY THE PARTIES. IT IS A CHART ACCOMPANIED WITH THE COUNTERFOILS OF CHEQUE BOOKS OF SOME OF THE COMPANIES NAMED IN THE CHART. FIRSTLY WE ANALYZE THE CHART WHICH IS A COMPU TERIZED STATEMENT FOUND FROM THE PREMISES OF SHRI B K DHINGRA. THIS CHART HAS 12 COLUMNS. ON THE TOP OF THE CHART THE NAME OF THREE COMPANIES ARE MENTIONED I.E. (1) PRIME INFOWAYS PRIVATE LIMITED, (2) PRIME IT SOLUTIONS P LIMITED, (3) PHONEIX DATATECH SE RVICES PRIVATE LIMITED (APPELLANT). THESE CHART FURTHER STATES THE NAMES OF 66 COMPANIES. THERE IT IS MENTIONED NAMES OF THE PARTIES IN WHOM FAVORS CHEQUES ARE TO BE ISSUED . FURTHER ON THAT CHART BELOW ON TOP ALSO SHOWS THE NAMES OF THE ABOVE T HREE COMPANIES PURPORTEDLY WRITTEN IN ACRONYMS AND BELOW THAT SQUARE FEET AND AREA CONVERTED IN TO SQUARE METER IS MENTIONED. THEN THE DETAILS OF 66 PARTIES ARE MENTIONED SHOWING AREA BOOKED, RATE PER SQUARE FEET, TOTAL ADVANCE PAYMENT, THEN THERE IS BIF URCATION BETWEEN ABOVE THREE COMPANIES INCLUDING APPELLANT OF THE SQUARE FEET AREA, NEXT COLUMN SHOWS AMOUNT OF CHEQUE , AMOUNT IN CASH AND CHEQUES ISSUED, BALANCE. SUBSEQUENT DOCUMENTS SHOWS THE CHEQUE BOOK COUNTERFOILS OF SIX COMPANIES WHERE IN THE COUNTER FOILS OF CHEQUE BOOKS WERE FOUND SHOWING ISSUE OF CHEQUES IN THE NAME OF APPELLANT AND OTHER TWO ENTITIES. NAMELY IN CASE OF PARTY NO. 1 LISTED IN THE STATEMENT IS AKSHYA AROOGYA MANDIR PRIVATE LIMITED FROM CHEQUE BOOK COUNTERFOIL WITH KOTA K MAHINDRA BANK LIMITED SHOWS ISSUE OF CHEQUE IN THE NAME OF ONE OF THESE THREE COMPANIES OF RS 9,60,000/ - . FURTHER IN CASE OF PARTY NO 18 MICRON STEELS LIMITED , PAGE 6 OF 10 PRIMA INFOWAYS PRIVATE LIMITED V DCIT CENT CIRCLE - 17 NEW DELHI A Y 2009 - 10 ITA NO 2466/DEL/2013 THIS COMPANIES CHEQUE BOOK COUNTER FOIL WITH KOTAK MAHINDRA BANK SHOWS THAT A CHEQUE OF RS 3,60,000/ - IS ISSUED TO THE ONE OF THE THREE COMPANIES. SIMILARLY, IN CASE OF THREE MORE COMPANIES SUCH COUNTERFOILS OF CHEQUEBOOKS WERE SEIZED. BASED ON THESE EVIDENCES THE ADDITION IS MADE BY THE LD. AO AND CONFIRMED BY THE CIT (A). THE SEIZED DOCUMEN TS VIS A VIS THE REASONS FOR ADDITION ARE EXAMINED AS UNDER : - I. ABOVE DOCUMENTS ARE NOT SEIZED FROM THE PREMISES OF THE ASSESSEE BUT AT THE PREMISES OF THIRD PARTY WHO IS NEITHER THE DIRECTOR NOR THE SHAREHOLDER OF THE COMPANY. HOWEVER NEITHER THE LD. A O AS WELL AS THE LD. CIT (A) HAS LED ANY EVIDENCE THAT THOUGH THE PAPER SHOWS THE NAMES OF THE APPELLANT ALONG WITH TWO OTHER COMPANIES BUT THESE PAPERS ARE FOUND FROM THE THIRD PARTY I.E. SHRI B K DHINGRA AND HOW IS HE ASSOCIATED WITH THE APPELLANT . LD. CIT (A) HAS STATED THAT SHRI B K DHINGRA IS A CLOSE ASSOCIATE OF SHRI I M THAPAR . MERELY AN ASSERTION THAT SOMEBODY IS CLOSE TO ONE OF THE DIRECTOR CANNOT BECOME THE CLOSE ASSOCIATE OF THE APPELLANT COMPANY ITSELF. LD. AO HAS NOT LED ANY EVI DENCE THAT SHRI DHINGRA LOOKS AFTER THE AFFAIRS OF THE COMPANY IN ANY MANNER. THE EVIDENCE OF ACTUAL TRANSACTION OF THOSE PARTIES AND IT IS UNACCOUNTED INCOME OF THESE COMPANIES.. II. ON 20.8.2008 SEARCH ON THAPAR HOMES GROUP AS WELL AS SURVEY ON THE ASSESSEE WERE CARRIED OUT. ADMITTEDLY, DURING THE COURSE OF SEARCH THE CHARTS AS WELL AS THE COUNTERFOILS OF THE CHEQUEBOOKS WERE FOUND FROM SHRI B K DHINGRA. HOWEVER, DURING SURVEY NO EVID ENCES WITH RESPECT TO THE PROJECTS WHETHER IN EXISTENCE OR NOT FOR WHICH THE STATEMENT IS FOUND, WHETHER THE COUNTERFOILS OF CHEQUES, WHICH WERE RELIED UP ON WHETHER CLEARED IN THE BANK, ACCOUNT OF THE APPELLANT WERE EXAMINED. APPELLANT HAS SUBMITTED TH AT THE THERE IS NO SUCH PROJECT, ASSESSEE RECEIVED NO SUCH BOOKING AND NO SUCH CHEQUES WERE RECEIVED IN THE BANK ACCOUNT OF THE ASSESSEE. REVENUE HAS NOT CONTROVERTED THIS FACT. AS THE SAID CHEQUES HAVE NOT AT ALL BEEN RECEIVED BY THE ASSESSEE, MERELY BE CAUSE IN THE COUNTERFOIL OF THE CHEQUEBOOK OF ISSUING PARTY, NAME OF THE APPELLANT IS MENTIONED, IT CANNOT RESULT IN TO ADDITION IN THE HANDS OF THE ASSESSEE UNLESS IT IS CLEARED IN THE BANK ACCOUNT OF THE APPELLANT. III. DURING ASSESSMENT THE APPELLANT WAS NOT CONFRONTED WITH THE STATEMENT OF THE PERSON FROM WHOSE POSSESSION THESE CHART AND ALSO THE COUNTERFOILS OF THE CHEQUES OF SIX COMPANIES WERE FOUND. IN FACT, THERE IS NO AVERMENT IN THE ORDER THAT ANY SUCH STATEMENT IS IN POSSESSION OF REVENUE. IV. FURTHERMORE THE NAME OF ALL THE PARTIES IN THAT PARTICULAR STATEMENT WHEREIN BOOKINGS IN THE NAME OF THOSE PARTIES HAVE BEEN SHOWN, APPELLANT HAS FILED CONFIRMATION OF THOSE PARTIES STATING THAT THEY HAVE NOT BOOKED ANY SUCH PREMISES AND ALSO APPARENTL Y NO PAYMENT HAVE BEEN MADE. ON THESE CONFIRMATION LD. AO HAS NEITHER ISSUED ANY SUMMONS TO THOSE PARTIES NOR EXAMINED THEIR BANK STATEMENT ABOUT THE ISSUE OF THOSE CHEQUES AND WHETHER THESE CHEQUES HAVE BEEN CLEARED OR NOT. THE ASSESSING OFFICER AND CIT (A) HAVE BRUSHED ASIDE THOSE CONFIRMATIONS AS MEANINGLESS. IN FACT, ON EXAMINATION OF THOSE CONFIRMATIONS, REALITY OF THE REASON FOR WRITING COUNTERFOILS OF THE CHEQUEBOOKS IN THE NAME OF APPELLANT AND TWO OTHER COMPANIES WOULD HAVE BEEN KNOWN TO REVENUE . THE REASON WHY THOSE CHEQUES WERE ISSUED BUT WERE NEVER CAME IN TO THE BANK ACCOUNTS OF THE APPELLANT AND WHETHER THEY ARE REALLY HANDED OVER TO THE APPELLANT COMPANY IS ALSO NOT KNOWN TO REVENUE. IT IS AN UNCONTROVERTED FACTS THAT THOSE CHEQUES REMAI NING NON - TRANSACTED. CONTRARY TO THAT APPELLANT HAS DISCHARGED ITS ONUS BY PRODUCING THE CONFIRMATION OF THOSE PARTIES THAT THEY HAVE NEITHER BOOKED ANY PREMISES WITH THE APPELLANT COMPANY AND THEREFORE HAVE NOT PAID ANY SUM. V. IT IS THE ALLEGATION OF THE REVENUE THAT THESE COMPANIES ARE THE BOGUS COMPANIES FLOATED BY ONE SHRI B K DHINGRA AND THEY ARE USED FOR CAPITAL FORMATION ACTIVITIES. THIS FACT MERELY REMAINS A CONJECTURE AND SURMISES IN ABSENCE OF ANY EVIDENCES LED BY REVENUE AGAINST THAT PERSON I.E. SHRI B K DHINGRA AND HIS CONNECTION WITH THE APPELLANT COMPANY. MERELY MAKING AN ASSERTION THAT SHRI B K DHINGRA IS ENTRY OPERATOR OR THE COMPANIES ARE FORMED FOR CAPITAL FORMATION REMAINS UNSUBSTANTIATED ALLEGATION UNLESS THERE ARE ANY EVIDENCES SUCH AS ASSESSMENT ORDERS ETC OF ENTRY OPERATOR OR THE ASSESSMENT ORDERS OF THOSE COMPANIES OPERATED BY HIM. VI. FURTHER ASSUMING THAT THOSE COMPANIES ARE THE BOGUS COMPANIES, AND THEN ON LOOKING AT THE CHART WE FOUND THAT THERE ARE COLUMNS OF CASH. IF THESE AM OUNTS ARE THE BOGUS AMOUNT INTRODUCED BY THE APPELLANT COMPANY THEN WE FAILED TO UNDERSTAND THAT HOW THE CASH IS ALSO BE RECEIVED FROM THOSE COMPANIES, WHEREAS IN GENERAL ONLY COMMISSION IS REQUIRED TO BE PAID TO THE ENTRY PROVIDER AND NO CASH IS RECEIVAB LE FROM THEM. PAGE 7 OF 10 PRIMA INFOWAYS PRIVATE LIMITED V DCIT CENT CIRCLE - 17 NEW DELHI A Y 2009 - 10 ITA NO 2466/DEL/2013 VII. FURTHER, IT REMAINS UNCONTROVERTED THAT THERE WAS NO PROJECT IN THE NAME OF THE APPELLANT IN IMPUGNED ASSESSMENT YEAR AS THERE WAS NO PERMISSION ALSO. THE FACTS OF THE ACQUISITION OF LAND ARE SUBMITTED BY THE LD. AR AND ALSO STATED TH E STATUS OF THE PROJECT , WHICH IS NOT CONTROVERTED. IT IS HIGHLY UNLIKELY THAT THE BUILDER WHO IS NOT THE LINE OF THE DEVELOPER FOR CONSIDERABLE TIME WOULD GET SUCH KIND OF BOOKINGS. ALL THE COUNTER FOIL OF CHEQUES SHOWED DATES OF MARCH 2008. VIII. FURTHER LD. CIT (A) DREW SUPPORT FROM THE PROVISION OF SECTION 292C OF THE ACT. THAT PROVISION APPLIES IN CASE THE DOCUMENTS ARE FOUND FROM THE POSSESSION OF THE PERSON THEN THE PRESUMPTION ARISES AGAINST THAT PERSON. ACCORDING TO US, THE RELIANCE ON IT IS UNFOUNDE D AS THERE ARE NO DOCUMENTS FOUND FROM THE POSSESSION OF THE ASSESSEE OR AT THE PREMISES OF THE ASSESSEE. IT WAS FOUND FROM SHRI B K DHINGRA WHO HAS NO BUSINESS RELATIONSHIP WITH THE APPELLANT COMPANY. IX. LD CIT (A) HAS HELD THAT DETAILS MENTIONED IN THE CHART ARE NOT PROJECTIONS BUT ACTUAL TRANSACTIONS. THIS ASSERTION OF LD. CIT (A) IS ALSO NOT SUPPORTED BY EVIDENCES BECAUSE IN THOSE CIRCUMSTANCES THE CHEQUES ISSUED BY THOSE COMPANIES SHOULD HAVE BEEN REFLECTED IN THE BANK STATEMENTS OF THE APPELLANT C OMPANIES. IT IS UNASSAILED THAT THESE CHEQUES HAVE NEVER BEEN CREDITED IN THE BANK ACCOUNT OF THE APPELLANT COMPANY. X. LD CIT (A) RELIED ON THE DECISION OF HONOURABLE DELHI HIGH COURT IN CASE OF CIT V SONAL CONSTRUCTIONS 28 TAXMANN.COM 127 (DEL FOR CALC ULATIONS SHOWN IN THE DOCUMENTS. IN THE PRESENT CASE AS THE PROJECT IS NONEXISTENT, THE CHEQUES ARE NOT CREDITED IN THE BANK ACCOUNT OF THE APPELLANT, THE CONFIRMATION OF THE PARTIES THAT THE Y HAVE NOT MADE ANY BOOKINGS AND HAVE NOT PAID ANY SUM TO THE AP PELLANT COMPANY, THE FACTS OF THAT CASE ARE DISTINGUISHABLE. 7. IN VIEW OF THE ABOVE REASONS, WE REVERSE THE FINDING OF THE LD. CIT (A) IN CONFIRMING THE ADDITION OF RS 30,54,000/ - IN THE HANDS OF THE APPELLANT ON ACCOUNT OF BOOKING SUMS ALLEGEDLY RECEIV ED FROM THOSE PARTIES. IN THE RESULT, SOLITARY GROUND RAISED IN THE APPEAL IS ALLOWED. 14. THEREFORE FOLLOWING YOUR DECISION IN ITA NO. 2463/DEL/2013 DATED 13/06/2016 WE REVERSE THE FINDING OF THE CIT (A) IN CONFIRMING THE ADDITION OF RS. 28,60,000/ - . 15. COMI NG TO THE 2 ND ISSUE OF ADDITION OF RS. 50,00,000/ - RELATING TO THE LOAN FROM STALWART REALTORS PRIVATE LIMITED, WE HAVE ALREADY DECIDED THE ISSUE OF ADDITION U/S 68 OF THE SAME LENDER FOR SAME YEAR ON IDENTICAL FACTS AND CIRCUMSTANCES IN ITA NO. 2464 /DEL/2016 DATED 13 JUNE 2 016 WHEREIN WE HAVE DELETED THE ADDITION UNDER SECTION 68 ON ACCOUNT OF MONEY RECEIVED FROM M/S STALWART REALTORS PRIVATE LIMITED AS UNDER: - 7. WE HAVE CAREFULLY CONSIDERED THE RIVAL CONTENTIONS. WE HAVE ALSO PERUSED THE RELEVANT PAPER BOOK FILED BY THE LD. AR OF THE APPELLANT, WHICH IS PART OF THE RECORD BEFORE THE LOWER AUTHORITIES. DURING THE COURSE OF ASSESSMENT PROCEEDINGS ASSESSEE RECEIVE D A CHEQUE OF RS. 46 LAKHS BY CHEQUE NO. 795738 OF CORP BANK, WHICH WAS CLEARED IN THE BANK ACCOUNT OF STALWARTS REALTORS PRIVATE LIMITED ON 13/12/2008 AND FOR THE SATISFACTION OF THE ASSESSING OFFICER, ASSESSEE SUBMITTED CONFIRMATION SHOWING ADDRESS, A S WELL AS THE PERMANENT ACCOUNT NUMBER OF THE LENDER. IT ALSO SUBMITTED A COPY OF THE INCOME TAX RETURN FILED BY STALWARTS REALTORS PRIVATE LIMITED FOR ASSESSMENT YEAR 2008 09, ALONG WITH COPY OF THE BANK ACCOUNT OF STALWARTS REALTORS PRIVATE LIMITED WI TH CORP BANK FROM 1 ST DECEMBER 2008 TO 31 ST DECEMBER 2008. AS PER THE BANK ACCOUNT OPENING BALANCES IN THE HANDS OF THE LENDER WAS RS. 25,67,771/ - AND SUBSEQUENTLY THERE IS AN INWARD CREDIT IN THE BANK ACCOUNT OF THE LENDER 13.12.2008 OF RS. 46 LAKHS THROUGH PAGE 8 OF 10 PRIMA INFOWAYS PRIVATE LIMITED V DCIT CENT CIRCLE - 17 NEW DELHI A Y 2009 - 10 ITA NO 2466/DEL/2013 BANKING CHANNELS FROM SYNDICATE BANK, THEREFORE, BEFORE THE ISSUANCE OF CHEQUE TO THE APPELLANT COMPANY, AVAILABLE BALANCE IN THE HANDS OF THE LENDER WAS RS. 7167771/ - AND OUT OF THIS BALANCES AN AMOUNT OF RS. 46 LAKHS WAS ISSUED BY ACCOUNT PAYEE CHEQUE NO. 795738 ON 10/12/2008, WHICH WAS CLEAR ED INTO THE BANK ACCOUNT OF THE LENDER ON 13/12/2008 . EVEN AFTER THE ISSUE OF THIS CHEQUE, THERE WAS AN OUTSTANDING BALANCE IN THE BANK ACCOUNT OF THE LENDER OF RS. 2567771/ - . ASSESSEE HAS ALSO SUBMITTED THE COPY OF THE BALANCE SHEET OF THE LENDER FOR TH E YEAR ENDED 31 ST OF MARCH 2009 WHEREIN THOUGH COMPANY HAS ISSUED SHARE CAPITAL OF RS. 1 LAKH, HOWEVER, RESERVE AND SURPLUS OF THE COMPANY WERE RS. 33311037/ - AND IN THE IMMEDIATELY PRECEDING YEAR SUCH RESERVE AND SURPLUS WAS RS. 35924446/ - . THE COMPAN Y HAS SUNDRY DEBTORS OF RS 1399993/ - , AS WELL AS THE CASH AND BANK BALANCE OF RS. 135624/ - AND FURTHER LOANS AND ADVANCES OF RS. 2.53 CRORES. THE LENDER COMPANY HAS ALSO DISCLOSED TURNOVER OF RS. 48 LAKHS FOR THE CURRENT YEAR AND RS 2 CRORES IN THE PREV IOUS YEAR. IT WAS FURTHER SUBMITTED THAT THAT THIS AMOUNT OF RS. 46 LAKHS WERE RETURNED BY THE APPELLANT, ON 11 TH FEBRUARY 2010 BY CHEQUE NO. 815458 OF SYNDICATE BANK AND THIS FACT HAS NOT BEEN CONTROVERTED BY THE LOWER AUTHORITIES. FURTHERMORE IT IS APP ARENT THAT THE LD. ASSESSING OFFICER HAS STATED THAT BASED ON THE ENQUIRIES CONDUCTED BY INVESTIGATION WING IT WAS FOUND THAT SHRI B K DHINGRA WHO IS ONE OF THE DIRECTOR OF THE THAPAR HOMES GROUP COMPANIES AND WAS ALSO CHARTERED ACCOUNTANT HAS CREATED A VA ST WEB OF MORE THAN 200 COMPANIES TO BUILT - UP ARTIFICIAL CAPITAL FOR USE BY THE OTHER GROUP COMPANIES. IT WAS FURTHER STATED BY THE LD. AO THAT THE INVESTIGATION WING OF THE DEPT AND CARRIED OUT INVESTIGATION, WHERE SUCH COMPANIES WERE FOUND TO BE DUMMIE S AND JUST NAME LENDERS. IT WAS FURTHER STATED BY HIM THAT THERE ARE STATEMENT OF CERTAIN PERSONS WERE RECORDED, BY THE INVESTIGATION WING AND THEY STATED THAT THESE COMPANIES ARE JUST NAME LENDERS. THE LD. AO WAS FURTHER OF THE VIEW THAT SURVEY UNDER S ECTION 133A WAS CONDUCTED ON 20/10/2008 AT THE BUSINESS PREMISES OF MR. PRADEEP SHARMA, WHEREIN CERTAIN PLAY PAY SLIPS WERE IMPOUNDED AND THESE PAY IN SLIP SHOWS THAT THE AMOUNT RECEIVED FROM VARIOUS BOGUS COMPANIES FLOATED BY SHRI B K DHINGRA INTO M/S STA RWOOD REALTORS PRIVATE LIMITED AS PROCEEDS FROM SALE AND SUCH SALES WERE NOT THE ACTUAL SALES. 8. WE FAILED TO UNDERSTAND THAT WHEN LD. AO HAS SO MUCH OF THE INFORMATION WHY THE ASSESSEE WAS NOT CONFRONTED BY THIS EVIDENCE BY PROVIDING THE COPIES OF SUC H STATEMENTS, COPIES OF INQUIRY REPORT AND GIVING ASSESSEE AN OPPORTUNITY TO REBUT THESES EVIDENCES. LD AO HAS NOT DONE THIS BASIC EXERCISE. FURTHER, WHEN THE SALES ARE STATED TO BE BOGUS , THE CASES OF THE STALWARTS REALTORS HAS NOT BEEN REOPENED / RE EXAMINED UNDER ANY OF THE SECTION OF THE INCOME TAX ACT. FURTHER, THOUGH THE SALES OF THE LENDER WERE FOUND TO BE BOGUS, HOWEVER, THE PROFIT DERIVED FROM SUCH BOGUS SALES HAS BEEN TAXED BY THE REVENUE AUTHORITIES. THEREFORE, THE LD. AO HAS MADE THIS ADDIT ION WITHOUT ADDUCING ANY EVIDENCE ON WHICH HE STRONGLY RELIES. THE LD. ASSESSING OFFICER, LD. CIT (A) AND LD. DEPARTMENTAL REPRESENTATIVE BEFORE US DID NOT CONTROVERTED THAT PROFITS OF STALWARTS REALTORS FROM THE BOGUS SALES HAVE BEEN ASSESSED AND DES PITE HAVING EVIDENCES AGAINST THAT COMPANY , NO ACTIONS HAVE BEEN INITIATED AGAINST THAT LENDER. IT WAS NOT PAGE 9 OF 10 PRIMA INFOWAYS PRIVATE LIMITED V DCIT CENT CIRCLE - 17 NEW DELHI A Y 2009 - 10 ITA NO 2466/DEL/2013 ALSO DENIED THAT STALWART REALTORS PRIVATE LTD IS A COMPANY WHICH IS REGULARLY FILING ITS RETURN OF INCOME AND HAS AN ACCUMULATED RESERVE AND SURPL US OF RS. 3.59 CRORES WHICH IS BEEN ACCUMULATED FROM YEAR - ON - YEAR. IT IS ALSO APPARENT FROM THE BALANCE SHEET FILED BY THE ASSESSEE OF STALWART REALTORS PRIVATE LIMITED THAT IT HAS SUBSTANTIAL AMOUNT OF BANK BALANCES, SUNDRY DEBTORS AND LOANS AND ADVANCES . THEREFORE, IT CANNOT BE SAID THAT THAT IDENTITY AND CREDITWORTHINESS OF THE LENDER IS AT ALL DOUBTFUL. FURTHER, THE AMOUNT OF LOAN HAS BEEN TAKEN BY THE ASSESSEE FROM THIS LENDER THROUGH ACCOUNT PAYEE CHEQUES AND HAS SUBMITTED THE BANK ACCOUNT OF THE LENDER, WHEREIN SUBSTANTIAL SUM OF BANK BALANCES WERE AVAILABLE BEFORE ISSUE OF CHEQUE TO THE APPELLANT. AS THE ASSESSEE HAS RECEIVED THIS LOAN AND ALSO PROVED THE SOURCE OF SUCH LOAN AND FURTHER THE DOCUMENTS SUBMITTED BY THE ASSESSEE WERE NOT AT ALL P ROVED TO BE FALSE OR FABRICATED, WE ARE OF THE VIEW THAT ASSESSEE HAS DISCHARGED ITS ONUS CAST UPON HIM, UNDER THE PROVISIONS OF SECTION 68 OF THE INCOME TAX ACT WITH RESPECT TO ABOVE LOAN OF RS 46 LAKHS FROM STALWARTS REALTORS PRIVATE LIMITED. FURTHER, BASED ON THE INVESTIGATION DONE BY THE INVESTIGATION WING OF THE INCOME TAX DEPT LD. AO HAS NOT EXAMINED ANY OF THE DIRECTORS OF THE LENDER COMPANY, NOR ISSUED SUMMONS TO THEM OR ASKED ASSESSEE TO PRODUCE THEM . FURTHER, WHEN ASSESSING OFFICER WAS IN POS SESSION OF THE STATEMENT OF VARIOUS OTHER PERSONS, NONE OF THE STATEMENT WAS PROVIDED TO THE ASSESSEE AND CONFRONTED. IN VIEW OF THIS, WE ARE OF THE OPINION THAT THE LD. ASSESSING OFFICER HAS MADE ADDITION MERELY BASED ON THE INVESTIGATION CARRIED OUT B Y THE INVESTIGATION WING FROM THE ORDER OF THE LD. ASSESSING OFFICER WITHOUT BRINGING OUT ANY MATERIAL EVIDENCE AGAINST THE ASSESSEE AND NOT CONFRONTING ASSESSEE WITH THAT MATERIAL. CONTRARILY EVIDENCES PRODUCED BY THE ASSESSEE OF STALWART REALTORS LIM ITED OF LOAN GIVEN OF RS. 46 LAKHS, WHICH IS SUPPORTED BY THE BANK STATEMENT OF THE LENDER, WAS NOT ANYWAY FOUND FALSE OR AN ACCOMMODATION ENTRY. IN VIEW OF THIS, WE REVERSE THE FINDING OF THE CIT (A) AND ARE OF THE VIEW THAT APPELLANT HAS DISCHARGED IT S ONUS CAST UPON HIM UNDER SECTION 68 OF THE INCOME TAX ACT BY PROVING THE IDENTITY, CREDITWORTHINESS AND GENUINENESS OF THE TRANSACTIONS AND THEREFORE THE ADDITION OF RS. 46 LAKHS OF LOAN RECEIVED BY IT FROM M/S STALWART REALTORS PRIVATE LIMITED CANNOT BE ADDED INTO THE HANDS OF THE ASSESSEE UNDER SECTION 68 OF THE INCOME TAX ACT, 1961. ON THE ABOVE FACTUAL ASPECTS, WE DELETE THE ADDITION MADE BY THE LD. ASSESSING OFFICER. IN THE RESULT, THE SOLITARY GROUND OF THE APPEAL OF THE ASSESSEE IS ALLOWED. 16. IN V IEW OF THE ABOVE WE FOLLOWING OUR OWN DECISION IN ITA NO 2464/DEL/2013 DATED 13.06.2016 REVERSE THE DECISION OF LD. CIT (A) AND DIRECT TO DELETE THE ADDITION OF RS. 5 000000/ - U/S 68 OF THE INCOME TAX ACT ON ACCOUNT OF AMOUNT RECEIVED FROM STALWARTS RE ALTORS PRIVATE LIMITED. 17. IN THE RESULT THE ONLY GROUND OF THE APPEAL OF THE ASSESSEE AGAINST ADDITION OF RS. 78,60,000/ - IS ALLOWED. PAGE 10 OF 10 PRIMA INFOWAYS PRIVATE LIMITED V DCIT CENT CIRCLE - 17 NEW DELHI A Y 2009 - 10 ITA NO 2466/DEL/2013 18. IN THE RESULT THE ADDITIONAL GROUND OF THE APPEAL RAISED BY THE ASSESSEE DISMISSED AND THE ORIGINAL GROUND OF APPEAL WAS ALLO WED, APPEAL IS PARTLY ALLOWED. ORDER PRONOU NCED IN THE OPEN COURT ON 1 3 /06 /2016. - S D / - - S D / - ( H.S.SIDHU ) (PRASHANT MAHARISHI) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: 1 3 /0 6 /2016 A K KEOT COPY FORWARDED TO 1. APPLICANT 2. RESPONDENT 3. CIT 4. CIT (A) 5. DR:ITAT ASSISTANT REGISTRAR ITAT, NEW DELHI