M/s Rancho Place Estate Pvt. Ltd., New Delhi V. ACIT, New Delhi

ITA 4375/DEL/2015

• Counselvise Citation: [2018] 126 COUNSELVISE.COM (IT) 3553 (ITAT-DELHI)
• Duration Of Justice: 2 year(s) 6 month(s) 26 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 01-02-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: F
• Assessment Year: 2005-2006
• Appeal Filed On: 06-07-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: S R SENAPATI
• Assessee Lawyers: S K TULSIYAN; BHUMIJA VERMA
• Keywords: Bogus Share capital; Search and seizure; Question of law; Accommodation entries; Onus to prove
• Section: 133A; 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES C : DELHI BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI L.P. SAHU, ACCOUNTANT MEMBER ITA.NO.4351/DEL./2015 ASSESSMENT YEAR 2005-2006 TAKSHILA DISTRIBUTERS PVT. LTD., 48, FRIENDS COLONY (EAST), NEW DELHI. PAN AAACT0269K VS. THE ACIT, CENTRAL CIRCLE-23 NEW DELHI. (APPELLANT) (RESPONDENT) ITA.NO.4375/DEL./2015 ASSESSMENT YEAR 2005-2006 RANCHO PLACE ESTATE PVT. LTD., 48, FRIENDS COLONY (EAST), NEW DELHI. PAN AAACR5883P VS. THE ACIT, CENTRAL CIRCLE-23 NEW DELHI. (APPELLANT) (RESPONDENT) FOR ASSESSEE : SHRI S.K. TULSIYAN, ADVOCATE & MS. BHUMIJA VERMA, ADVOCATE FOR REVENUE : S HRI S.R. SENAPATI , SR. D.R. DATE OF HEARING : 18.01.2018 DATE OF PRONOUNCEMENT : 01.02.2018 ORDER PER BHAVNESH SAINI, J.M. BOTH THE APPEALS BY DIFFERENT ASSESSEES ARE DIREC TED AGAINST DIFFERENT ORDERS OF THE LD. CIT(A)-30, NEW DELHI, DATED 10 TH FEBRUARY, 2015, FOR THE A.Y. 2005-2006. 2 ITA.NOS.4351/D/2015 & TAKSHILA DISTRIBUTERS PVT. LT D., NEW DELHI. ITA.NO.4375/DEL./2015 RANCHO PLACE ESTATE PVT. LTD. , NEW DELHI. 2. WE HAVE HEARD THE LEARNED REPRESENTATIVES OF BO TH THE PARTIES AND PERUSED THE MATERIAL ON RECORD. THE LEARNED REPRESENTATIVES OF BOTH THE PARTIES MAINLY ARGUED I N THE CASE OF TAKSHILA DISTRIBUTERS PVT. LTD., AND SUBMITTED THAT ISSUE IS SAME IN OTHER APPEAL. THEREFORE, THE SAME ORDER MAY BE F OLLOWED IN OTHER CASE. THE APPEAL OF TAKSHILA DISTRIBUTERS PVT. LTD., IS DECIDED AS UNDER. ITA.NO.4351/DEL./2015 TAKSHILA DISTRIBUTERS PVT. LTD., A.Y. 2005-2006 : 3. BRIEFLY, THE FACTS OF THE CASE ARE THAT ASSESSM ENT WAS REOPENED BY ISSUING NOTICE US 148 OF THE I.T. ACT. SEARCH AND SEIZURE OPERATION WAS CARRIED-OUT AT VARIOUS PREMIS ES OF M/S. TODAY HOMES AND INFRASTRUCTURE PVT. LTD. THE ASSESS EE- COMPANY IS ONE OF THE ASSOCIATED COMPANIES OF M/S. TODAY HOMES AND INFRASTRUCTURE PVT. LTD. IT WAS NOTICED T HAT DURING THE F.Y. 2004-2005, THE ASSESSEE HAS RECEIVED RS.1, 01,00,000 FROM M/S. GOLDEN TECHNOBUILD PVT. LTD., SURVEY UNDE R SECTION 133A WAS CONDUCTED ON 26.11.2009 AT THE REGISTERED OFFICE OF THIS COMPANY. THE PERSON AVAILABLE AT THE REGISTERE D OFFICE HAS 3 ITA.NOS.4351/D/2015 & TAKSHILA DISTRIBUTERS PVT. LT D., NEW DELHI. ITA.NO.4375/DEL./2015 RANCHO PLACE ESTATE PVT. LTD. , NEW DELHI. CATEGORICALLY STATED THAT NEITHER BOOKS OF ACCOUNT ARE MAINTAINED NOR ANY BUSINESS ACTIVITIES ARE CARRIED OUT BY THIS COMPANY FROM THIS PREMISES. IT HAS BEEN STATED THAT THIS COMPANY IS CONTROLLED BY THE TODAY GROUP OF COMPANI ES HAVING OFFICE AT STATESMAN HOUSE, CONNAUGHT PLACE, NEW DEL HI. IT HAS BEEN NOTED THAT M/S. GOLDEN TECHNOBUILD PVT. LTD., HAD RECEIVED ENTRY FROM JAIN BROTHER. A SEARCH ACTION W AS CARRIED- OUT AT THE PREMISES OF JAIN BROTHERS AND IT WAS FOU ND THAT JAIN BROTHERS HAD BEEN PROVIDING ACCOMMODATION ENTRY TO VARIOUS PARTIES AFTER CHARGING SOME COMMISSION FOR THE SAME . IT HAS BEEN NOTED THAT ASSESSEE-COMPANY WAS THE BENEFICIAR Y IN THIS TRANSACTION. FURTHER, IT WAS NOTICED THAT THE ASSES SEE WAS OWNER OF 29.40% OF PROPERTY AT 48-FRIENDS COLONY EA ST, NEW DELHI AND THIS PROPERTY WAS BEING USED BY GAMBHIR B ROTHERS AS THEIR RESIDENCE. THE A.O. ASKED THE EXPLANATION OF ASSESSEE ON THE ACCOMMODATION ENTRY RECEIVED OF RS.1,01,00,000 AND RS.12,25,897 BEING 29.4% OF ANNUAL VALUE OF THE PRO PERTY SHOULD NOT BE ADDED TO ITS INCOME AS INCOME FROM HO USE PROPERTY AS AGAINST RS.1,05,000 DECLARED BY ASSESSE E FOR 05 4 ITA.NOS.4351/D/2015 & TAKSHILA DISTRIBUTERS PVT. LT D., NEW DELHI. ITA.NO.4375/DEL./2015 RANCHO PLACE ESTATE PVT. LTD. , NEW DELHI. MONTHS. THE ASSESSEE SUBMITTED BEFORE THE A.O. THAT IT HAS RECEIVED AMOUNT OF RS.1,01,00,000 FROM M/S. GOLDEN TECHNOBUILD PVT. LTD., AND IN ORDER TO ESTABLISH ID ENTITY, CREDITWORTHINESS AND GENUINENESS OF THE AMOUNT AS R ECEIVED FROM THE SAID COMPANY, ASSESSEE HAD FILED ITS AUDIT ED FINANCIAL STATEMENTS AS ON 31 ST MARCH, 2005, COPY OF ACKNOWLEDGMENT OF I.T. RETURN FILED BY THE CREDITOR FOR ASSESSMENT YE AR UNDER APPEAL, COPY OF PAN CARD AND COPY OF THE BANK STATE MENT OF THE CREDITOR FROM WHERE CHEQUES RECEIVED BY THE ASSESSE E-COMPANY. THE ASSESSEE RELIED UPON SEVERAL CASE LAW IN SUPPOR T OF THE CONTENTION. IT WAS ALSO SUBMITTED THAT REGISTERED O FFICE OF THE ASSESSEE IS AT 48-FRIENDS COLONY AND SAME PREMISES ARE USED TO CARRY-OUT OF ITS BUSINESS ACTIVITIES WHATEVER TH EY ARE FROM THE SAME PREMISES. 4. THE A.O. HOWEVER, DID NOT ACCEPT THE CONTENTION OF ASSESSEE. IT IS NOTED THAT ASSESSEE RECEIVED AMOUNT IN QUESTION FROM M/S. GOLDEN TECHNOBUILD PVT. LTD. THE CONCERN NAMELY M/S. DOUBLE STAR BUILDERS PVT. LTD., ALSO BELONG TO TODAY GROUP OF CASES IN TURN, HAS TRANSFERRED/GIVEN THIS MONEY TO ASSESSEE 5 ITA.NOS.4351/D/2015 & TAKSHILA DISTRIBUTERS PVT. LT D., NEW DELHI. ITA.NO.4375/DEL./2015 RANCHO PLACE ESTATE PVT. LTD. , NEW DELHI. RELEVANT TO ASSESSMENT YEAR UNDER APPEAL. THE SURVE Y WAS CONDUCTED AT THE PREMISES OF THIS COMPANY. THE PERS ON AVAILABLE THERE DENIED MAINTENANCE OF ANY BOOKS OF ACCOUNT OR CARRYING OUT ANY BUSINESS ACTIVITIES. NO COMPANY WA S FOUND TO HAVE DONE ANY BUSINESS FROM THE PREMISES. THE PERSO N PRESENT THERE HAS DEPOSED ON OATH THAT HE WAS DIRECTLY OR I NDIRECTLY ACTING AT THE BEHEST OF TODAY GROUP. THE STATEMENT OF SHRI JAGDISH PRASAD VOHRA RECORDED ON 26.11.2009 IS REFE RRED TO IN THE ASSESSMENT ORDER. THE ACTION US 132 OF THE I.T. ACT WAS CONDUCTED AT THE RESIDENTIAL PREMISES OF SOME OF TH E DIRECTORS OF ABOVEMENTIONED COMPANIES NAMELY SHRI VINAY SUBHI KHI ON 26.11.2009. ALL THESE DIRECTORS HAVE ADMITTED IN TH EIR STATEMENTS US 132(4) THAT ALL THE AFFAIRS OF THESE COMPANIES ARE CONTROLLED BY SHRI G.K. GAMBHIR AND SHRI R.K. GAMBH IR. THE STATEMENT OF SHRI VINAY SUBHIKHI AND SHRI GULSHAN KUMAR GAMBHIR RECORDED ON 27.11.2009 ARE REFERRED TO IN THE ASSESSMENT ORDER. PAGES-134, 135, AND 143 OF ANNEXU RE-A1, PARTY H-2 SEIZED FROM THE OFFICE AT 8 TH FLOOR, STATESMAN HOUSE, BARAKHAMBA ROAD, NEW DELHI, WHICH IS REGISTERED OFF ICE OF M/S. 6 ITA.NOS.4351/D/2015 & TAKSHILA DISTRIBUTERS PVT. LT D., NEW DELHI. ITA.NO.4375/DEL./2015 RANCHO PLACE ESTATE PVT. LTD. , NEW DELHI. TODAY HOMES AND INFRASTRUCTURE PVT. LTD., ARE WITH RESPECT TO DIN NO. AND DIGITAL SIGNATURE ALONG WITH PASS WORD OF VARIOUS PERSONS THROUGH WHOM ASSESSEE GROUP HAS FLOATED AND CONTROLLED VARIOUS COMPANIES, BY APPOINTING THEM AS DIRECTORS ETC., THESE COMPANIES, IN TURN, ARE USED AS CONDUIT TO TRANSFER THE UNACCOUNTED MONEY RECEIVED IN THE FORM OF ACCOM MODATION ENTRIES FROM VARIOUS ENTRY OPERATORS, INTO THE MAIN COMPANIES INCLUDING FLAGSHIP COMPANY NAMELY M/S. TODAY HOMES AND INFRASTRUCTURE PVT. LTD. AVAILABILITY OF THESE DOC UMENTS IN THE O/O. M/S. TODAY HOMES AND INFRASTRUCTURE PVT. LTD. FURTHER, STRENGTHENING THE FACT THAT DIRECTORS OF THE ABOVE SAID COMPANIES ARE MERELY EMPLOYEES OF TODAY GROUP AND C ONTROLLED BY GAMBHIR BROTHERS WHO ARE HAVING THE SIMILAR PASS WORDS. WITH THE HELP OF DIGITAL SIGNATURES MOST OF THE COM PLIANCE INCLUDING FILING OF THE I.T. RETURNS, FILING PAPERS BEFORE ROC ETC., CAN BE DONE BY ONE PERSON. DURING SEARCH AND SURVEY ACTION CONDUCTED IN THE PREMISES OF SHRI S.K. JAIN AND SHR I VIRENDRA JAIN, IT WAS FOUND THAT THEY ARE ENTRY PROVIDER ON COMMISSION TO THE PARTIES. THEY HAVE PROVIDED ACCOMMODATION EN TRIES IN THE 7 ITA.NOS.4351/D/2015 & TAKSHILA DISTRIBUTERS PVT. LT D., NEW DELHI. ITA.NO.4375/DEL./2015 RANCHO PLACE ESTATE PVT. LTD. , NEW DELHI. FROM OF SHARE APPLICATION MONEY, CAPITAL GAIN ON SH ARES, EXPENDITURE ENTRIES ETC., IN LIEU OF COMMISSION. DU RING THE COURSE OF SEARCH AND SEIZURE PROCEEDINGS AT THE RES IDENTIAL AND BUSINESS PREMISES OF JAIN BROTHERS ON 14 TH SEPTEMBER, 2010, DAILY CASH BOOK, BALANCE SHEET AND CHEQUE/BANK BOOK S WERE FOUND AND SEIZED WHEREIN DATE-WISE DETAILS OF CASH RECEIVED FROM DIFFERENT PARTIES/CONCERNS THROUGH VARIOUS MED IATORS AND THE DATE-WISE DETAILS OF ACCOMMODATION ENTRIES GIVE N TO THE BENEFICIARIES CONCERN THROUGH MEDIATORS WITH THEIR PARTICULARS HAVE BEEN FOUND. ON PERUSAL OF THESE DETAILS, IT WA S SEEN THAT M/S. GOLDEN TECHNOBUILD PVT. LTD., FROM WHICH M/S. MISSION VIEJO AGRO PVT. LTD., I.E., THE ASSESSEE HAS RECEIV ED VARIOUS AMOUNTS DURING FINANCIAL YEAR RELEVANT TO ASSESSMEN T YEAR UNDER APPEAL. THE DETAILS OF DOCUMENTS/BOOKS SEIZED DURING THE SEARCH AND SEIZURE ACTION AT THE RESIDENTIAL AN D BUSINESS PREMISES OF JAIN BROTHERS SHOWING THE RECEIPT OF CA SH AND PROVIDING ACCOMMODATION ENTRIES TO M/S. GOLDEN TECH NOBUILD PVT. LTD., INCLUDING THE NAME OF THE CONCERN OF THE JAIN BROTHERS GIVING ENTRY/NAME OF THE BANK ACCOUNT ETC., ARE NOT ED IN PARA- 8 ITA.NOS.4351/D/2015 & TAKSHILA DISTRIBUTERS PVT. LT D., NEW DELHI. ITA.NO.4375/DEL./2015 RANCHO PLACE ESTATE PVT. LTD. , NEW DELHI. 4 OF THE ASSESSMENT ORDER THAT M/S. GOLDEN TECHNOBU ILD HAS RECEIVED THE AMOUNT FROM OTHER COMPANIES AND THEN M ADE INVESTMENT IN ASSESSEE-COMPANY. THE A.O, THEREFORE, NOTED THAT M/S. GOLDEN TECHNOBUILD PVT. LTD., FROM WHERE FUNDS HAVE BEEN TRANSFERRED TO THE ASSESSEE BELONGS TO TODAY GROUP OF CASES WHICH IS PAPER COMPANY CONTROLLED BY DUMMY DIRECTOR S HAVE BEEN USED AS CONDUIT TO TRANSFER MONEY TO ASSESSEE. THE A.O, THEREFORE, MADE ADDITION OF RS.1,01,00,000 IN THE H ANDS OF ASSESSEE BECAUSE ASSESSEE FAILED TO PASS TEST OF GE NUINENESS WITHIN THE MEANING OF SECTION 68 OF THE I.T. ACT. 4.1. FURTHER, DURING THE COURSE OF ASSESSMENT PROCEEDINGS FOR A.Y. 2009-2010, IT WAS SEEN THAT AS SESSEE IS JOINT OWNER OF PROPERTY NO.48, FRIENDS COLONY (EAST ), NEW DELHI ALONG WITH OTHER GROUP COMPANIES NAMELY M/S. MISSIO N VIEJO AGRO PVT. LTD., AND OTHERS HAVING 29.40% OF THE SHA RE IN THE PROPERTY WHICH IS USED BY GAMBHIR BROTHERS FOR THEI R RESIDENCE. NO BUSINESS ACTIVITY IS CONDUCTED BY ASSESSEE. THE A.O, THEREFORE, COMPUTED ANNUAL LETTING VALUE OF THE PRO PERTY AT 9 ITA.NOS.4351/D/2015 & TAKSHILA DISTRIBUTERS PVT. LT D., NEW DELHI. ITA.NO.4375/DEL./2015 RANCHO PLACE ESTATE PVT. LTD. , NEW DELHI. RS.12,25,897 AND AFTER GIVING DEDUCTION OF RS.1,05, 000 DECLARED BY ASSESSEE, MADE THE ADDITION OF RS.10,20 ,897. 5. THE ASSESSEE CHALLENGED BOTH THE ADDITIONS BEFO RE LD. CIT(A) AND REITERATED THE SUBMISSIONS MADE BEFO RE THE AUTHORITIES A.O. THE WRITTEN SUBMISSIONS OF THE ASS ESSEE WERE REPRODUCED IN THE IMPUGNED ORDER OF THE LD. CIT(A) IN WHICH THE ASSESSEE SUBMITTED THAT VARIOUS COURTS HAVE HELD TH AT ONCE THE ASSESSEE HAVE FILED CONFIRMATION, EVIDENCE IN SUPPO RT OF THE IDENTITY OF THE CREDITORS IN THE FORM OF PAN/GIR NO , ONUS CASTE UPON ASSESSEE HAVE BEEN DISCHARGED. THE ASSESSEE RE LIED UPON SEVERAL DECISIONS IN SUPPORT OF THE CONTENTION INCL UDING THE DECISION IN THE CASE OF CIT VS. SOPHIA FINANCE LTD. , 205 ITR 98, ITO VS. STELLAR INVESTMENT LTD., DIVINE LEASING AND FINANCE LTD., 299 ITR 268, CIT VS. LOVELY EXPORTS 319 (STAT UTE) 5, CIT VS. WINSTRAL PETRO CHEMICALS PVT. LTD., 330 ITR 603 ETC. THE ASSESSEE ALSO ARGUED THAT ONUS IS ON THE DEPARTMENT TO PROVE THAT APPARENT IS NOT REAL AND RELIED UPON THE DECIS ION OF THE SUPREME COURT IN THE CASE OF CIT VS. DOULATRAM 87 I TR 349 ETC., IT WAS SUBMITTED THAT ONCE ASSESSEE FILED THE DOCUMENTARY 10 ITA.NOS.4351/D/2015 & TAKSHILA DISTRIBUTERS PVT. LT D., NEW DELHI. ITA.NO.4375/DEL./2015 RANCHO PLACE ESTATE PVT. LTD. , NEW DELHI. EVIDENCES, INITIAL ONUS UPON ASSESSEE HAS BEEN DISC HARGED. THE CREDITOR M/S. GOLDEN TECHNOBUILD PVT. LTD., IS A R EGULAR ASSESSEE, FILING RETURN OF INCOME. WHATEVER STATEME NTS WERE RECORDED AS REFERRED IN THE ASSESSMENT ORDER ARE AT THE BACK OF THE SAME, THE SAME WERE NOT CONFRONTED TO ASSESSEE, THEREFORE, CANNOT BE READ IN EVIDENCE AGAINST THE ASSESSEE. EV EN IF THE GROUP COMPANIES ARE CONTROLLED BY GAMBHIR BROTHERS, NO CONCLUSION COULD BE DRAWN THAT ASSESSEE RECEIVED UNACCOUNTED/ UNDISCLOSED ENTRY OR REPRESENT THAT CA SH OF ASSESSEE ROUTED THROUGH PAPER COMPANIES. THE COMPAN IES ARE SEPARATE LEGAL ENTITY HAVING INDEPENDENT DIRECTORS AND SHAREHOLDERS. NONE OF THE PERSON HAVE ADMITTED TO H AVE INVOLVE IN GIVING ACCOMMODATION ENTRY. NO CORROBORATIVE EVI DENCE HAVE BEEN FOUND AGAINST THE ASSESSEE. THE ASSESSEE RELIE D UPON THE DECISION OF THE DELHI HIGH COURT IN THE CASE OF CIT VS. OASIS HOSPITALITIES PVT. LTD., 333 ITR 119 AND DECISION O F DELHI HIGH COURT IN THE CASE OF CIT VS. VALUE CAPITAL SERVICES PVT. LTD., 307 ITR 337 AND SUBMITTED THAT BURDEN IS UPON REVENUE T O PROVE 11 ITA.NOS.4351/D/2015 & TAKSHILA DISTRIBUTERS PVT. LT D., NEW DELHI. ITA.NO.4375/DEL./2015 RANCHO PLACE ESTATE PVT. LTD. , NEW DELHI. THAT INVESTMENTS MADE IN THE ASSESSEE-COMPANY ACTUA LLY EMANATED FROM THE COFFERS OF THE ASSESSEE-COMPANY. 5.1. LD. CIT(A), HOWEVER, REPRODUCED THE OBSERVATI ONS OF THE A.O. IN HIS FINDINGS THAT ENTIRE GROUP IS CONTR OLLED BY TODAY GROUP FROM THE SAME PREMISES AND ALL CONCERNED PERS ONS ARE HAVING SAME PASS WORD AND THE STATEMENTS RECORDED R EVEAL THAT THE PERSONS WERE DUMMY DIRECTORS AND ONE PERSON OPE RATING ALL THE GROUP. THEREFORE, THE APPEAL OF THE ASSESSE E WAS DISMISSED WITH REGARD TO ADDITION MADE UNDER SECTIO N 68 OF THE I.T. ACT. 6. AS REGARDS ANNUAL LETTING VALUE OF THE PROPERTY AT 48, FRIENDS COLONY, NEW DELHI, THE ASSESSEE CONTENDED T HAT THE PROPERTY IS USED BY THE ASSESSEE FOR ITS BUSINESS A ND PROFESSION AND HAS SHOWN THE ADDRESS OF THE SAME. SMALL PARTIT ION OF 675 SQ. FT IN PROPERTY WAS LET OUT FOR 05 MONTHS TO M/S . TODAY HOTELS PVT. LTD. THEREFORE, RATABLE VALUE SHOULD BE RESTRI CTED TO RS.1,47,814 AND ASSESSEE HAS ALREADY OFFERED RS.1,5 0,000. ADDITION IS UNJUSTIFIED. 12 ITA.NOS.4351/D/2015 & TAKSHILA DISTRIBUTERS PVT. LT D., NEW DELHI. ITA.NO.4375/DEL./2015 RANCHO PLACE ESTATE PVT. LTD. , NEW DELHI. 6.1. THE LD. CIT(A) DID NOT ACCEPT THE CONTENTION OF THE ASSESSEE AND NOTED THAT DURING THE COURSE OF SEARCH , STATEMENT OF SHRI VINAY SUBHIKHI, VICE PRESIDENT OF THE GROUP WAS RECORDED IN WHICH HE HAS ADMITTED THAT PROPERTY IN QUESTION HAVE BEEN USED BY GAMBHIR BROTHERS FOR THEIR RESIDE NCE ONLY. THEREFORE, THE ADDITION WAS CONFIRMED AND APPEAL OF ASSESSEE HAS BEEN DISMISSED. 7. WE HAVE HEARD THE LEARNED REPRESENTATIVES OF BO TH THE PARTIES. LEARNED COUNSEL FOR THE ASSESSEE REITE RATED THE SUBMISSIONS MADE BEFORE THE AUTHORITIES BELOW AND S UBMITTED THAT ASSESSEE FILED ALL THE DOCUMENTARY EVIDENCES T O PROVE IDENTITY OF THE CREDITOR, ITS CREDITWORTHINESS AND GENUINENESS OF THE TRANSACTION IN THE MATTER. THE A.O. WANTED ASSE SSEE TO PROVE THE SOURCE OF THE SOURCE. HE HAS SUBMITTED TH AT PROVISO TO SECTION 68 OF THE I.T. ACT HAS BEEN INTRODUCED B Y FINANCE ACT, 2012, W.E.F. 1 ST APRIL, 2013 WHICH IS EFFECTIVE FROM A.Y. 2013- 2014 ONLY. HE HAS RELIED UPON THE DECISIONS OF JURI SDICTIONAL HIGH COURT IN THE CASE OF DIVINE LEASING AND FINANC E LTD., (SUPRA), OASIS HOSPITALITIES PVT. LTD., (SUPRA), CI T VS. 13 ITA.NOS.4351/D/2015 & TAKSHILA DISTRIBUTERS PVT. LT D., NEW DELHI. ITA.NO.4375/DEL./2015 RANCHO PLACE ESTATE PVT. LTD. , NEW DELHI. DWARAKADHEESH INVESTMENT PVT. LTD., 194 TAXMAN 43 A ND DECISION OF M.P. HIGH COURT IN THE CASE OF CIT VS. STL EXTRUSION 11 TAXMAN.COM 125. HE HAS ALSO RELIED UPON ORDER OF THE ITAT, DELHI BENCH IN THE CASE OF M/S. MISSION VERDES ESTA TE PVT. LTD., IN ITA.NO.4236/DEL./2015 FOR A.Y. 2005-2006 DATED 1 6 TH DECEMBER, 2016 IN WHICH SAME FACTS HAVE BEEN CONSID ERED WITH REGARD TO CREDIT RECEIVED FROM M/S. GOLDEN TECHNOBU ILD PVT. LTD., AND SIMILAR ADDITION HAVE BEEN DELETED, PARTI CULARLY, WHEN SAME ADDITION HAVE BEEN MADE IN ASSESSMENT ORDER DA TED 28 TH MARCH, 2013 FOR THE A.Y. 2005-2006 IN THE HANDS OF M/S. GOLDEN TECHNOBUILD PVT. LTD. COPY OF THE ASSESSMENT ORDERS IN THE CASE OF M/S. GOLDEN TECHNOBUILD PVT. LTD., IS A LSO FILED WITH BIFURCATION. IN THE SAME ORDER THE ISSUE OF ANNUAL LETTING VALUE HAVE BEEN DECIDED IN FAVOUR OF THE ASSESSEE. HE HAS ALSO RELIED UPON THE ORDER OF THE ITAT, DELHI BENCH IN THE CASE OF M/S. PALOS VERDES ESTATE PVT. LTD., VS. ACIT ITA.NO.4235 /DEL./2015 FOR THE A.Y. 2005-2006 DATED 16 TH DECEMBER, 2016 IN WHICH THE TRIBUNAL ON THE ISSUE OF ANNUAL LETTING VALUE, REOP ENING OF THE 14 ITA.NOS.4351/D/2015 & TAKSHILA DISTRIBUTERS PVT. LT D., NEW DELHI. ITA.NO.4375/DEL./2015 RANCHO PLACE ESTATE PVT. LTD. , NEW DELHI. ASSESSMENT, HAVE BEEN QUASHED. HE, THEREFORE, SUBMI TTED THAT BOTH THE ADDITIONS ARE UNJUSTIFIED. 8. THE LD. D.R. ON THE OTHER HAND RELIED UPON THE ORDERS OF THE AUTHORITIES BELOW. 9. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS. IN TH IS CASE, ASSESSEE RECEIVED CREDIT OF RS.1,01,00,000 FR OM M/S. GOLDEN TECHNOBUILD PVT. LTD., THE ASSESSEE FILED CO PIES OF THE ACKNOWLEDGMENTS OF I.T.RETURNS, AUDITED ACCOUNTS, B ANK STATEMENTS, ROC CERTIFICATE, PAN OF THE CREDITOR, C ONFIRMATION OF THE ACCOUNTS OF THE CREDITOR, COPY OF THE BANK S TATEMENT WITH LEDGER ACCOUNT OF THE CREDITOR BEFORE THE AUTHORITI ES BELOW. COPIES OF THE SAME ARE FILED IN THE PAPER BOOK. THE DOCUMENTS FILED ON RECORD HAVE NOT BEEN DISPUTED BY THE AUTHO RITIES BELOW. THE CREDIT HAVE BEEN TAKEN THROUGH BANKING CHANNEL AND CREDITOR WAS HAVING SUFFICIENT AMOUNT WITH THEM TO MAKE INVESTMENT IN ASSESSEE-COMPANY. THE ASSESSEE, THERE FORE, DISCHARGED ITS INITIAL ONUS TO PROVE IDENTITY OF TH E CREDITOR, CREDITWORTHINESS OF THE CREDITOR, GENUINENESS OF TH E TRANSACTION IN THE MATTER. 15 ITA.NOS.4351/D/2015 & TAKSHILA DISTRIBUTERS PVT. LT D., NEW DELHI. ITA.NO.4375/DEL./2015 RANCHO PLACE ESTATE PVT. LTD. , NEW DELHI. 9.1. HONBLE JURISDICTIONAL HIGH COURT IN THE CASE OF CIT VS. KAMDHENU STEEL AND ALLOYS LTD., & ORS. 361 ITR 220 (DEL.) HELD AS UNDER : ONCE ADEQUATE EVIDENCE/MATERIAL IS GIVEN, WHICH WO ULD PRIMA FACIE DISCHARGE THE BURDEN OF THE ASSESSEE IN PROVING THE IDENTITY OF SHAREHOLDERS, GENUINENESS OF THE TR ANSACTION AND CREDITWORTHINESS OF THE SHAREHOLDERS, THEREAFTE R IN CASE SUCH EVIDENCE IS TO BE DISCARDED OR IT IS PROVED TH AT IT HAS CREATED EVIDENCE, THE REVENUE IS SUPPOSED TO MAKE THOROUGH PROBE BEFORE IT COULD NAIL THE ASSESSEE AN D FASTEN THE ASSESSEE WITH SUCH A LIABILITY UNDER S.68; AO F AILED TO CARRY HIS SUSPICION TO LOGICAL CONCLUSION BY FURTHE R INVESTIGATION AND THEREFORE ADDITION UNDER S.68 WAS NOT SUSTAINABLE. 9.2. HONBLE JURISDICTIONAL DELHI HIGH COURT IN TH E CASE OF CIT VS. LAXMAN INDUSTRIAL RESOURCES PVT. LTD., ITA. NO.169 OF 2017 DATED 14 TH MARCH, 2017, HELD AS UNDER : THE CIT(A) TOOK NOTE OF THE MATERIAL FILED BY THE ASSESSEE AND PROVIDED OPPORTUNITY TO THE AO IN REMAND PROCEE DINGS. 16 ITA.NOS.4351/D/2015 & TAKSHILA DISTRIBUTERS PVT. LT D., NEW DELHI. ITA.NO.4375/DEL./2015 RANCHO PLACE ESTATE PVT. LTD. , NEW DELHI. THE AO MERELY OBJECTED TO THE MATERIAL FURNISHED BU T DID NOT UNDERTAKE ANY VERIFICATION. THE CIT(A) DELETED THE ADDITION BY RELYING UPON THE DECISION OF THE HONBL E APEX COURT IN THE CASE OF LOVELY EXPORTS PVT.LTD. (SUPRA ) AND JUDGEMENT OF DELHI HIGH COURT IN THE CASE OF CIT VS DIVINE LEASING & FINANCE LTD. [2008] 299 ITR 268. THE ITA T CONFIRMED THE OPINION OF THE LD. CIT(A). HONBLE H IGH COURT IN VIEW OF THE ABOVE FINDINGS NOTED THAT THE ASSESS EE HAD PROVIDED SEVERAL DOCUMENTS THAT COULD HAVE SHOWED L IGHT INTO WHETHER TRULY THE TRANSACTIONS WERE GENUINE. THE ASSESSEE PROVIDED DETAILS OF SHARE APPLICANTS I.E. COPY OF THE PAN, ASSESSMENT PARTICULARS, MODE OF AMOUNT INV ESTED THROUGH BANKING CHANNEL, COPY OF RESOLUTION AND COP IES OF THE BALANCE SHEET. THE AO FAILED TO CONDUCT ANY SC RUTINY OF THE DOCUMENT, THE DEPARTMENTAL APPEAL WAS ACCORDING LY DISMISSED. 9.3. HONBLE JURISDICTIONAL DELHI HIGH COURT IN TH E CASE OF CIT VS. (I) DWARAKADHISH INVESTMENT P. LTD., (ITA.N O. 911 OF 17 ITA.NOS.4351/D/2015 & TAKSHILA DISTRIBUTERS PVT. LT D., NEW DELHI. ITA.NO.4375/DEL./2015 RANCHO PLACE ESTATE PVT. LTD. , NEW DELHI. 2010) AND (II) DWARKADHISH CAPITAL P. LTD., (ITA.NO .913 OF 2010) (2011) 330 ITR 298 (DEL.) (HC), IN WHICH IT WAS HEL D AS UNDER : IN ANY MATTER, THE ONUS OF PROOF IS NOT A STATIC O NE. THOUGH IN SECTION 68 OF THE INCOME TAX ACT, 1961, THE INIT IAL BURDEN OF PROOF LIES ON THE ASSESSES YET ONCE HE PROVES TH E IDENTITY OF THE CREDITORS/SHARE APPLICANTS BY EITHER FURNISH ING THEIR PAN NUMBER OR INCOME-TAX ASSESSMENT NUMBER AND SHOW S THE GENUINENESS OF TRANSACTION BY SHOWING MONEY IN HIS BOOKS EITHER BY ACCOUNT PAYEE CHEQUE OR BY DRAFT OR BY ANY OTHER MODE, THEN THE ONUS OF PROOF WOULD SHIFT TO T HE REVENUE. JUST BECAUSE THE CREDITORS/SHARE APPLICANT S COULD NOT BE FOUND AT THE ADDRESS GIVEN, IT WOULD NOT GIV E THE REVENUE THE RIGHT TO INVOKE SECTION 68. ONE MUST NO T LOSE SIGHT OF THE FACT THAT IT IS THE REVENUE WHICH HAS ALL THE POWER AND WHEREWITHAL TO TRACE ANY PERSON. MOREOVER , IT IS SETTLED LAW THAT THE ASSESSEE NEED NOT TO PROVE THE 'SOURCE OF SOURCE'. THE ASSESSEE-COMPANY WAS ENGAGED IN THE BUSINESS OF FINANCING AND TRADING OF SHARES. FOR TH E ASSESSMENT YEAR 2001-02 ON SCRUTINY OF ACCOUNTS, TH E 18 ITA.NOS.4351/D/2015 & TAKSHILA DISTRIBUTERS PVT. LT D., NEW DELHI. ITA.NO.4375/DEL./2015 RANCHO PLACE ESTATE PVT. LTD. , NEW DELHI. ASSESSING OFFICER FOUND AN ADDITION OF RS.71,75,000 IN THE SHARE CAPITAL OF THE ASSESSEE. THE ASSESSING OFFICE R SOUGHT AN EXPLANATION OF THE ASSESSEE ABOUT THIS ADDITION IN THE SHARE CAPITAL. THE ASSESSEE OFFERED A DETAILED EXPL ANATION. HOWEVER, ACCORDING TO THE ASSESSING OFFICER, THE AS SESSEE FAILED TO EXPLAIN THE ADDITION OF SHARE APPLICATION MONEY FROM FIVE OF ITS SUBSCRIBERS. ACCORDINGLY, THE ASS ESSING OFFICER MADE AN ADDITION OF RS.35,50,000/- WITH THE AID OF SECTION 68 OF THE ACT, 1961 ON ACCOUNT OF UNEXPLAIN ED CASH CREDITS APPEARING IN THE BOOKS OF THE ASSESSEE. HOW EVER, IN APPEAL, THE COMMISSIONER OF INCOME-TAX (APPEALS) DE LETED THE ADDITION ON THE GROUND THAT THE ASSESSEE HAD PR OVED THE EXISTENCE OF THE SHAREHOLDERS AND THE GENUINENE SS OF THE TRANSACTION. THE INCOME-TAX APPELLATE TRIBUNAL CONFIRMED THE ORDER OF THE COMMISSIONER OF INCOME-T AX (APPEALS) AS IT WAS ALSO OF THE OPINION THAT THE AS SESSEE HAD BEEN ABLE TO PROVE THE IDENTITY OF THE SHARE AP PLICANTS AND THE SHARE APPLICATION MONEY HAD BEEN RECEIVED B Y WAY OF ACCOUNT PAYEE CHEQUES. ON APPEAL TO THE HIGH COU RT: 19 ITA.NOS.4351/D/2015 & TAKSHILA DISTRIBUTERS PVT. LT D., NEW DELHI. ITA.NO.4375/DEL./2015 RANCHO PLACE ESTATE PVT. LTD. , NEW DELHI. HELD, DISMISSING THE APPEALS, THAT THE DELETION OF ADDITION WAS JUSTIFIED. 9.4. HONBLE JURISDICTIONAL DELHI HIGH COURT IN TH E CASE OF CIT VS. WINSTRAL PETROCHEMICALS P. LTD., 330 ITR 60 3, HELD AS UNDER : DISMISSING THE APPEAL, THAT IT HAD NOT BEEN DISPUT ED THAT THE SHARE APPLICATION MONEY WAS RECEIVED BY THE ASS ESSEE- COMPANY BY WAY OF ACCOUNT PAYEE CHEQUES, THROUGH NO RMAL BANKING CHANNELS. ADMITTEDLY, COPIES OF APPLICATIO N FOR ALLOTMENT OF SHARES WERE ALSO PROVIDED TO THE ASSES SING OFFICER. SINCE THE APPLICANT COMPANIES WERE DULY INCORPORATED, WERE ISSUED PAN CARDS AND HAD BANK ACCOUNTS FROM WHICH MONEY WAS TRANSFERRED TO THE ASSESSEE BY WAY OF ACCOUNT PAYEE CHEQUES, THEY COUL D NOT BE SAID TO BE NON-EXISTENT, EVEN IF THEY, AFTER SUB MITTING THE SHARE APPLICATIONS HAD CHANGED THEIR ADDRESSES OR H AD STOPPED FUNCTIONING. THEREFORE, THE COMMISSIONER ( APPEALS) AND THE TRIBUNAL WERE JUSTIFIED IN HOLDING THAT THE 20 ITA.NOS.4351/D/2015 & TAKSHILA DISTRIBUTERS PVT. LT D., NEW DELHI. ITA.NO.4375/DEL./2015 RANCHO PLACE ESTATE PVT. LTD. , NEW DELHI. GENUINENESS OF THE TRANSACTIONS HAD BEEN DULY ESTAB LISHED BY THE ASSESSEE. 9.5. HONBLE JURISDICTIONAL DELHI HIGH COURT IN TH E CASE OF CIT VS. VALUE CAPITAL SERVICES PVT. LTD., (2008) 30 7 ITR 334 (DEL.) (HC), IN WHICH IT WAS HELD AS UNDER : DISMISSING THE APPEAL, THAT THE ADDITIONAL BURDEN WAS ON THE DEPARTMENT TO SHOW THAT EVEN IF THE SHARE APPLI CANTS DID NOT HAVE THE MEANS TO MAKE THE INVESTMENT, THE INVESTMENT MADE BY THEM ACTUALLY EMANATED FROM THE COFFERS OF THE ASSESSEE SO AS TO ENABLE IT TO BE TR EATED AS THE UNDISCLOSED INCOME OF THE ASSESSEE. NO SUBSTANTIA L QUESTION OF LAW AROSE. 10. THE A.O. IN ORDER TO DISBELIEVE THE EXPLANATIO N OF ASSESSEE HAS REFERRED TO STATEMENTS OF CERTAIN PERS ONS WHICH WERE RECORDED DURING THE COURSE OF SEARCH IN NOVEMB ER, 2009, BUT, IT APPEARS THAT NONE OF THESE STATEMENTS HAVE BEEN CONFRONTED TO THE ASSESSEE OR SUBJECT TO CROSS-EXAM INATION ON BEHALF OF ASSESSEE. THEREFORE, THE SAME CANNOT BE R EAD IN EVIDENCE AGAINST THE ASSESSEE. WE, RELY UPON THE DE CISION OF THE 21 ITA.NOS.4351/D/2015 & TAKSHILA DISTRIBUTERS PVT. LT D., NEW DELHI. ITA.NO.4375/DEL./2015 RANCHO PLACE ESTATE PVT. LTD. , NEW DELHI. HONBLE SUPREME COURT IN THE CASE OF KISHANCHAND CH ELARAM 125 ITR 713. THE A.O. ALSO REFERRED TO CERTAIN SEIZ ED PAPERS TO SHOW THAT TODAY GROUP OF COMPANY ARE CONTROLLED BY GAMBHIR BROTHERS AND THERE ARE CERTAIN DIGITAL SIGNATURES H AVING COMMON PASS WORD SO AS TO MAKE COMPLIANCE BEFORE IN COME TAX AUTHORITIES OR THE ROC. IT IS ALSO NOTED THAT THE C REDITOR M/S. GOLDEN TECHNOBUILD PVT. LTD., RECEIVED ENTRY FROM O THER GROUP COMPANY AND THEN GAVE IT TO THE ASSESSEE. HOWEVER, NONE OF THESE EVIDENCES ON RECORD PROVE THAT ASSESSEE RECEI VED ANY BOGUS CREDIT INTO THE MATTER. IF THE CREDITOR HAS R ECEIVED SOME ENTRY FROM SOME OTHER PERSON, ASSESSEE COULD NOT BE LIABLE FOR THE SAME. THE ASSESSEE HAS TO EXPLAIN SOURCE OF ITS AMOUNT RECEIVED FROM THE CREDITOR. IF THE CREDITOR HAS REC EIVED SOME AMOUNT FROM JAIN BROTHERS IT COULD NOT BE LINKED WI TH THE ASSESSEE-COMPANY. IN THE GROUP CASE OF M/S. MISSION VERDES ESTATE PVT. LTD. (SUPRA), THE ITAT, DELHI BENCH, CO NSIDERED IDENTICAL ISSUE IN WHICH ALSO CREDIT WAS RECEIVED F ROM THE SAME CREDITOR M/S. GOLDEN TECHNOBUILD PVT. LTD., WHO IN TURN, HAS TAKEN CREDIT FROM OTHER GROUP COMPANY AND THE TRIBU NAL HAS 22 ITA.NOS.4351/D/2015 & TAKSHILA DISTRIBUTERS PVT. LT D., NEW DELHI. ITA.NO.4375/DEL./2015 RANCHO PLACE ESTATE PVT. LTD. , NEW DELHI. DELETED THE ADDITION BASED ON THE SIMILAR DOCUMENTS PRODUCED ON RECORD. THE TRIBUNAL ALSO NOTED THAT SINCE ADDIT ION OF THE SIMILAR AMOUNT HAVE BEEN MADE BY THE INCOME TAX DEP ARTMENT IN REGULAR ASSESSMENT OF THE CREDITOR M/S. GOLDEN T ECHNOBUILD PVT. LTD., THEREFORE, NO ADDITION COULD BE MADE AGA INST THE ASSESSEE. LEARNED COUNSEL FOR THE ASSESSEE FILED A CHART TO DEMONSTRATE THAT SAME AMOUNT IS ADDED IN THE HANDS OF THE CREDITOR, THEREFORE, IT WOULD AMOUNT TO DOUBLE ADDI TION IF THE SAME AMOUNT IS ADDED IN THE HANDS OF THE ASSESSEE-C OMPANY. THE A.O. SUSPECTED THE TRANSACTION BETWEEN THE ASSE SSEE AND THE CREDITOR BECAUSE THE CREDITOR HAS RECEIVED THE CREDITS FROM COMPANY CONTROLLED BY JAIN BROTHERS BUT IT WOULD NO T PROVE THAT CREDIT RECEIVED BY ASSESSEE WAS NOT GENUINE. A .O. CANNOT ASK THE ASSESSEE TO PROVE THE SOURCE OF THE SOURCE. NONE OF THE STATEMENTS RECORDED DURING THE COURSE OF SEARCH AS ARE REFERRED TO IN ASSESSMENT ORDER PROVE THAT ASSESSEE HAS RECE IVED ANY ACCOMMODATION ENTRY FROM ANY PERSON DESPITE THE FAC T THAT SAME WERE NOT CONFRONTED TO THE ASSESSEE AT ASSESSM ENT STAGE. THEREFORE, IT IS PROVED ON RECORD THAT ASSESSEE HAS BEEN ABLE TO 23 ITA.NOS.4351/D/2015 & TAKSHILA DISTRIBUTERS PVT. LT D., NEW DELHI. ITA.NO.4375/DEL./2015 RANCHO PLACE ESTATE PVT. LTD. , NEW DELHI. EXPLAIN THE IDENTITY OF THE CREDITOR, ITS CREDITWOR THINESS AND GENUINENESS OF THE TRANSACTION IN THE MATTER. WE, A CCORDINGLY, SET ASIDE THE ORDERS OF THE AUTHORITIES BELOW AND D ELETE THE ADDITION OF RS.1,01,00,000. 11. AS REGARDS ANNUAL LETTING VALUE OF PROPERTY NO .48- FRIENDS COLONY (EAST), NEW DELHI, IS CONCERNED, THE ASSESSEE SUBMITTED THAT IT IS CO-OWNER WITH OTHERS AND THAT THE SAME IS USED FOR THE PURPOSE OF BUSINESS FOR THE ASSESSEE A ND FOR PART PERIOD IT WAS LET-OUT FOR WHICH RENTAL INCOME HAS A LREADY BEEN SHOWN. HOWEVER, THE A.O. DID NOT ACCEPT THE CONTENT ION OF ASSESSEE AND REFERRED TO STATEMENT OF SHRI VINAY SU BHIKHI WHO HAS STATED THAT PROPERTY IN QUESTION USED BY GAMBHI R BROTHERS FOR RESIDENCE. IN THE CASE OF THE CO-OWNERS NAMELY M/S. MISSION VERDES ESTATE PVT. LTD., (SUPRA) AND M/S. PALOS VER DES ESTATE PVT. LTD., (SUPRA), THE TRIBUNAL HAS CONSIDERED IDE NTICAL ISSUE AND IN THE CASE OF M/S. PALOS VERDES ESTATE PVT. LT D., REOPENING OF THE ASSESSMENT QUASHED RESULTING THE SIMILAR ADD ITION HAVE BEEN DELETED ON QUASHING OF THE RE-ASSESSMENT PROCE EDINGS AND IN THE CASE OF M/S. MISSION VERDES ESTATE PVT. LTD. , (SUPRA), THE 24 ITA.NOS.4351/D/2015 & TAKSHILA DISTRIBUTERS PVT. LT D., NEW DELHI. ITA.NO.4375/DEL./2015 RANCHO PLACE ESTATE PVT. LTD. , NEW DELHI. TRIBUNAL FOUND THAT PROPERTY IN QUESTION IS USED BY THE ASSESSEE FOR ITS OWN BUSINESS AND THAT COPY OF THE ROC REVEA L THAT IT IS REGISTERED OFFICE OF THE ASSESSEE, THEREFORE, ADDIT ION HAS BEEN DELETED. IT IS, THEREFORE, CLEAR THAT IN THE CASE O F OTHER CO-OWNERS SIMILAR ADDITION HAVE BEEN DELETED WHEN ALLEGATION HAVE BEEN MADE THAT IT IS USED BY GAMBHIR BROTHERS FOR RESIDE NCE ONLY. THE STATEMENT OF SHRI VINAY SUBHIKHI (SUPRA), WAS RECORDED AT THE BACK OF THE ASSESSEE WITHOUT CONFRONTING THE SA ME TO THE ASSESSEE. THEREFORE, IT CANNOT BE READ IN EVIDENCE AGAINST THE ASSESSEE. THE A.O. IN PRESENT CASE INITIATED THE RE -ASSESSMENT PROCEEDINGS UNDER SECTION 148 OF THE I.T. ACT AT TH E SAME ADDRESS IN DISPUTE I.E., 48-FRIENDS COLONY (EAST), NEW DELHI AND ALL THE OTHER DOCUMENTS ALSO HAVE THE SAME ADDRESS. EVEN THE ASSESSMENT ORDER HAS BEEN PASSED AT THE SAME ADDRES S. THEREFORE, THE CONTENTION OF ASSESSEE IS ACCEPTABLE THAT THE PROPERTY IN QUESTION HAVE BEEN USED BY THE ASSESSEE FOR ITS BUSINESS PURPOSE, THEREFORE, NO ANNUAL LETTING VALU E TO BE COMPUTED FOR SAME PROPERTY. SINCE SIMILAR ADDITION HAVE BEEN DELETED BY THE COORDINATE BENCH OF THE TRIBUNAL IN THE CASES OF 25 ITA.NOS.4351/D/2015 & TAKSHILA DISTRIBUTERS PVT. LT D., NEW DELHI. ITA.NO.4375/DEL./2015 RANCHO PLACE ESTATE PVT. LTD. , NEW DELHI. OTHER CO-OWNERS (SUPRA), THEREFORE, THERE IS NO JUS TIFICATION TO ENHANCE THE ANNUAL LETTING VALUE, THE ADDITION IS T HEREFORE, LIABLE TO BE DELETED. WE, ACCORDINGLY, SET ASIDE TH E ORDERS OF THE AUTHORITIES BELOW AND DELETE THE ADDITION OF RS.10, 20,897. 12. IN THE RESULT, ITA.NO.4351/DEL./2015 OF THE AS SESSEE IS ALLOWED. ITA.NO.4375/DEL./2015 RANCHO PLACE ESTATE PVT. LTD. , - A.Y. 2005-2006. 13. IN THIS APPEAL THE ASSESSEE CHALLENGED T HE ADDITION OF RS.51 LAKHS MADE UNDER SECTION 68 OF THE I.T. ACT F OR CREDIT RECEIVED FROM M/S. GOLDEN TECHNOBUILD PVT. LTD., AN D ADDITION OF RS.5,88,764 ON ACCOUNT OF INCOME FROM HOUSE PROP ERTY IN RESPECT OF PROPERTY AT 48- FRIENDS COLONY (EAST), N EW DELHI. 14. LEARNED REPRESENTATIVES OF BOTH THE PARTIES SUBMITTED THAT BOTH THE ISSUES ARE SAME AS HAVE BEE N CONSIDERED IN THE CASE OF TAKSHILA DISTRIBUTERS PVT . LTD., (SUPRA). 26 ITA.NOS.4351/D/2015 & TAKSHILA DISTRIBUTERS PVT. LT D., NEW DELHI. ITA.NO.4375/DEL./2015 RANCHO PLACE ESTATE PVT. LTD. , NEW DELHI. 15. FOLLOWING THE REASONS FOR THE DECISION IN THAT CASE, WE SET ASIDE THE ORDERS OF THE AUTHORITIES BELOW AN D DELETE BOTH THE ADDITIONS. 16. IN THE RESULT, ITA.NO.4375/DEL./2015 OF THE AS SESSEE IS ALLOWED. 17. TO SUM-UP, BOTH THE APPEALS OF THE ASSESSEES A RE ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT. SD/- SD/- (L.P. SAHU) (BHAVNESH SAINI) ACCOUNTANT MEMBER JUDICIAL MEMBER DELHI, DATED 01 ST FEBRUARY, 2018 VBP/- COPY TO 1. THE APPELLANT 2. THE RESPONDENT 3. CIT(A) CONCERNED 4. CIT CONCERNED 5. D.R. ITAT C BENCH, DELHI 6. GUARD FILE. // BY ORDER // ASSISTANT REGISTRAR : ITAT DELHI BENCHES : DELHI.