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Zoom Developers 10,00,000 90,00,000 1,00,00,000 1,00,000 SEZ (Indore) Pvt.

4 Ltd.

Rangoli Buildtech 10,00,000 90,00,000 1,00,00,000 1,00,000 Pvt. Ltd.

Total 3,50,000 35,00,000/- 3,15,00,000 3,50,00,000

11. Thus, the face value of the share at Rs.10/- each was issued at a premium of Rs.90/- per share. Ld. Assessing Officer though noted that assessee had filed copy of confirmation, copy of ITR and bank statement in respect of New International Stainless Pipe Company Ltd., but no ITR and bank statement was filed in respect of Zoom Developers SEZ (Indore) Pvt. Ltd. In respect of one party, M/s. Rangoli Buildtech Pvt. Ltd. again no bank statement was filed. The Assessing Officer had sent notices u/s. 133(6) to these parties. However in the case of three parties, the notice returned back unserved except in the case of M/s. Rangoli Buildtech Pvt. Ltd. Even the fresh notices issued were sent to the other parties at the address given by the assessee but again these notices remain unserved. The Assessing Officer had also called for copy of bank statement directly from the bank u/s.133(6) and on perusal of the bank statement of all the parties, he find that there were credit entries of more or less of equal amount on the same day or one day before every debit entries. Another fact noted by him was that the shares were allotted to these parties on 30.04.2010. However none of the above mentioned parties figured in the list of shareholders as on 31.03.2011. He also noted those shares allotted to the aforesaid four parties were purchased back by the sister concern of the assessee, M/s. GMA Construction Pvt. Ltd. in subsequent year where Shri Gulshan Shetty was common director. The Assessing Officer has also issued summons u/s.131 to the Principal Officer of M/s. GMA Construction Pvt. Ltd. However, as per him, no compliance was made. Thus, on these facts, he deduced that share allotted during the year to the four parties at Rs.10 per equity share with the premium of Rs.90/- were sold back by these parties at Rs.5/- per equity share without a premium for which no proper explanation or reasons have been given. Thus, he concluded that assessee has introduced its own undisclosed income through four dummy companies in the garb of share application money. He also observed that the identity and capacity of three entities other than M/s. Rangoli Buildtech Pvt. Ltd. remain unestablished and in case of M/s. Rangoli Buildtech reply was received but the creditworthiness and genuineness of the transaction could not be established by the assessee. Accordingly, the addition of Rs.3,50,00,000/- was made u/s.68.

3. M/s. Zoom Developers SEZ (Indore) Pvt. Ltd.

(i) The ld. Assessing Officer had carried out such inquiries [either from the said M/s. Zoom Developers SEZ (indore) Pvt. Ltd. or from the bank of M/s. Zoom Developers SEZ (Indore) Pvt. Ltd.] at the back of the assessee.

(ii) During the course of assessment proceedings, the ld. Assessing Officer had not informed the assessee that the notice u/s. 133(6) dated 23.01.2014 issued by the ld.

Assessing Officer to the said M/s. Zoom Developers SEZ (Indore) Pvt. Ltd. had returned unserved.

(iii) During the course of assessment proceedings, the ld.

A.O. had not asked the assessee to provide the latest address of the said M/s Zoom Developers SEZ (Indore) Pvt. Ltd.

(iv) Since the assessee had not been asked to provide the latest address of the said M/s Zoom Developers SEZ (Indore) Pvt. Ltd., question of providing the latest address did not arise.

(v) The Ld. A.O. had called for the bank statement of the said M/s Zoom Developers SEZ (Indore) Pvt. Ltd. from The Naintal Bank Ltd.

(vi) After getting the bank statement of the said M/s Zoom Developers SEZ (Indore) Pvt. Ltd. from the Nainital Bank Ltd., the ld. A.O. had not sought clarification regarding the source of the investment made by the said M/s Zoom Developers SEZ (Indore) Pvt. Ltd. in the shares of the assessee.

4. M/s. Rangoli Buildtech Pvt. Ltd.

(i) That during the year under consideration, M/s Rangoli Buildtech Pvt. Ltd., holding PAN: AACCR8695P had applied for the allotment of 100000 shares of Rs. 10/- each on premium of Rs. 90/- each. It had paid an amount of Rs. 1,00,00,000/- to the assessee on 27.04.2010 through two different RTGS of Rs. 65,00,000/- and Rs. 35,00,000/- of The Bank of Rajasthan Limited, New Delhi.