observed that AIR information
was received from ITD database and the assessee was given the same to
reconcile it with its books of accounts ... assessee also submitted
that the data from ITD database may be incorrect or the parties may have
erroneously put wrong PAN and accordingly adding
sales and income figures of these investor entities as per their
ITD database details depict too meek a balance sheet to justify such huge fund
deposits in Canara bank.
5.1 From the information available in the ITD database, the AO found that
cash deposit of 54 80,000 been made
ITD information, Rajesh Gupta (HUF) is having PAN:
AAGHR9262M address at 14, Sainik Farm, Lane C-3, Khanpur,
New Delhi. Further, as per ITD database
assessment proceedings based on the information received by the AO from ITD database, it
was found that substantial cash deposit
Institutional
Investor (FII). The A.O noticed from the departments data base (ITD),
that assesse had not filed its return of income for assessment year ... observed from the data as per ITD database that the assesse had
entered into purchase and sale of equities on stock
exchanges/commodities exchanges, however
could not be served at the two
addresses found from the ITD database. The invoices prepared by assessee giving
address of M/s Nirav
could not be served at the two
addresses found from the ITD database. The invoices prepared by assessee giving
address of M/s Nirav
returns by some of the major purported investors was downloaded from
ITD database and analysed. He observed that no such data was available in respect
before him at the time of assessment.
According to AO, from ITD database the AO found that the assessee company had issued
paid up shares ... before
him at the time of assessment. According to AO, from ITD database he found that the
assessee company had issued paid up shares including
