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3 there is a merit in the submission of the assessee and thus in view of the submissions of the assessee, the delay in filing the appeal by the assessee is condoned.
1 The Bench has heard both the parties and perused the materials available on record including the order of the ld. CIT(A) and also the written submissions filed by the assesse. In this case, the Bench during the course of hearing noticed that the ld CIT(A) dismissed the appeal of the assessee on the ground that the asseessee had obtained share application money from dummy / bogus company namely M/s. Triangular Infocom Ltd. on 10-10-2009 which was managed and controlled by Shri Praveen Kumar. The contention of the assessee is that he has already returned back share application money to M/s. Triangular Infocom Ltd. on 7-03-2012 which is also evident from the bank statement at PB 30-31. On the contrary, no evidence had been brought on record by the AO that the assessee has paid any cash to M/s. Triangular Infocom Ltd. for obtaining share application money of Rs. 25.00 lacs from assessee. After having gone through the factual position as well as legal position contained in the present case, the Bench is of the view that share application money has already been refunded back by the assessee to M/s. Triangular Infocom Ltd. Thus in that eventuality and considering the facts and circumstances of the case, the Bench feels that the addition sustained by the ld