ACIT Vs Moon Beverages Ltd. (ITAT Delhi)
Since the additions in the other appeals also are not based on any incriminating material found during the course of search and since we have already held that statements recorded u/s 132(4) are not incriminating in nature, therefore, the addition made by the AO being not based on any incriminating material, the addition cannot be sustained in the orders passed u/s 153A/143(3) of the Act.
FULL TEXT OF THE ITAT JUDGEMENT
This batch of appeals filed by the Revenue are directed against the separate orders of the ld. CIT(A)-26, New Delhi, relating to different assessment years as mentioned above.
2. The respective assessees have filed cross objections against the appeal filed by the Revenue. Since identical grounds have been taken by the Revenue in these appeals and by the respective assessees in their cross objections, therefore, these were heard together and are being disposed of by this common order.
3. First, we take up ITA No. 115/Del/2018 and CO No.73/Del/2018 as the lead case in the case of M/s Moon Beverages Ltd. for A.Y. 2009-10.
4. Facts of the case, in brief, are that the assessee company is one of the group companies of MMG (MM Aggarwal) group and is engaged in the business of preparation, manufacturing, packing and sale of soft drinks on the basis of concentrate and other raw material procured from Coca Cola in the capacity of bottler and distributor of Coca Cola products in India. In addition, the MMG group has business interests in several segments like chartering and leasing of vessels to ONGC and other companies, real estate, education and hospitality etc. It had filed its return of income on 30.09.2009 declaring total income of Rs.10,21,50,894/-. Assessment u/s 143(3) was made determining the total income at Rs.10,27,91,857 which was subsequently rectified u/s 154 determining the total income at Rs.7,50,20,860/-
4.1 A search & seizure operation u/s 132 of the I.T. Act, 1961 was carried out on 28.03.2015 in the case of M.M. Aggarwal Group of cases. The case of the assessee was also covered in the said search. During the course of search carried out at the different premise located in India in M.M. Aggarwal Group of cases, documents and data storage devices, etc. belonging to the assessee were found and seized. In response to notice u/s 153A of the IT Act, 1961 issued to the assessee on 10th May, 2016, the assessee filed the return of income on 29th June, 2016 declaring total income at Rs.7,50,21,800/-.
5. During the course of assessment proceedings, the AO noted that the assessee company is shown to have received share capital at substantial premium from the following parties:-
