CIT v. Orchid Industries Pvt. Ltd.

M/S. Jds Ventures India Ltd, Mumbai vs. ITO 10 (2) (1), Mumbai

In the result, appeal filed by the assessee is allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Ms Kavitha Rajagopal, Hon'Blem/S. Jds Ventures India Limited Income Tax Officer – 10(2)(1) V. Office No. 4, Bharat Photo House 5Th Floor, Aayakar Bhavan 547, Kalbadevi Road M.K. Road, Mumbai - 400020 Mumbai - 400002 Pan: Aaeca1485E Appellant Respondent Assessee Represented By : Shri N.R. Aggarwal Revenue Represented By : Ms. Vranda U. Matkari

…reported in (2018) 89 taxmann.com 80 (Guj HC) . The SLP of the revenue against this judgement was dismissed by the Hon’ble Supreme Court. 9.12. We also find that the Hon’ble Jurisdictional High Court in the case of CIT vs Orchid Industries Pvt Ltd reported in 397 ITR 136 (Bom) had held as under:- “5. The Assessing Officer added Rs. 95 lakhs as income under Section 68 of the Income Tax Act only on the ground that the parties to whom the share certificates were issued and who had paid the share money had not appeared before the Assessing Officer and the summons could not be served on the addresses given as they wer…

ITO 2 (2), Thane vs. M/S Span Realtors, Bhayander

In the result, appeals filed by the revenue are dismissed

Bench: Shri Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleincome Tax Officer – Ward – 2(2) V. M/S. Span Venture 6Th Floor, Ashar I. T. Park 1St Floor, Span Duplex Room No. 26, B-Wing Opp. Maxus Mall Wagle Industrial Estate Bhayander (W) Road No. 16Z, Thane (W) - 400604 Thane-401101 Pan: Abvfs7153A (Appellant) (Respondent)

…reported in (2018) 89 taxmann.com 80 (Guj HC) . The SLP of the revenue against this judgement was dismissed by the Hon’ble Supreme Court. 6.15. We also find that the Hon’ble Jurisdictional High Court in the case of CIT vs Orchid Industries Pvt Ltd reported in 397 ITR 136 (Bom) had held as under:- 5. The Assessing Officer added Rs. 95 lakhs as income under Section 68 of the Income Tax Act only on the ground that the parties to whom the share certificates were issued and who had paid the share money had not appeared before the Assessing Officer and the summons could not be served on the addresses given as they were…

ITO 2 (2), Thane vs. M/S Span Realtors, Bhayander

In the result, appeals filed by the revenue are dismissed

Bench: Shri Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleincome Tax Officer – Ward – 2(2) V. M/S. Span Venture 6Th Floor, Ashar I. T. Park 1St Floor, Span Duplex Room No. 26, B-Wing Opp. Maxus Mall Wagle Industrial Estate Bhayander (W) Road No. 16Z, Thane (W) - 400604 Thane-401101 Pan: Abvfs7153A (Appellant) (Respondent)

…reported in (2018) 89 taxmann.com 80 (Guj HC) . The SLP of the revenue against this judgement was dismissed by the Hon’ble Supreme Court. 6.15. We also find that the Hon’ble Jurisdictional High Court in the case of CIT vs Orchid Industries Pvt Ltd reported in 397 ITR 136 (Bom) had held as under:- 5. The Assessing Officer added Rs. 95 lakhs as income under Section 68 of the Income Tax Act only on the ground that the parties to whom the share certificates were issued and who had paid the share money had not appeared before the Assessing Officer and the summons could not be served on the addresses given as they were…

ITO 2 (2), Thane vs. M/S Span Venture, Bhayander

In the result, appeals filed by the revenue are dismissed

Bench: Shri Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleincome Tax Officer – Ward – 2(2) V. M/S. Span Venture 6Th Floor, Ashar I. T. Park 1St Floor, Span Duplex Room No. 26, B-Wing Opp. Maxus Mall Wagle Industrial Estate Bhayander (W) Road No. 16Z, Thane (W) - 400604 Thane-401101 Pan: Abvfs7153A (Appellant) (Respondent)

…reported in (2018) 89 taxmann.com 80 (Guj HC) . The SLP of the revenue against this judgement was dismissed by the Hon’ble Supreme Court. 6.15. We also find that the Hon’ble Jurisdictional High Court in the case of CIT vs Orchid Industries Pvt Ltd reported in 397 ITR 136 (Bom) had held as under:- 5. The Assessing Officer added Rs. 95 lakhs as income under Section 68 of the Income Tax Act only on the ground that the parties to whom the share certificates were issued and who had paid the share money had not appeared before the Assessing Officer and the summons could not be served on the addresses given as they were…

ACIT Circle-3(1)(2), Mumbai vs. M/S Chemicon Engineering Consultant Pvt Ltd., Mumbai

In the result, the appeal of the Revenue stands dismissed and the appeal of the assessee is allowed

Bench: Shri Aby T. Varkey, Jm & Shri Gagan Goyal, Am आयकर अपील सं/ I.T.A. No.7907/Mum/2019 (निर्धारण वर्ा / Assessment Year:2013-14) Chemicon Engineering बिधम/ Acit, Circle 3(1)(2) Consultant Pvt. Ltd. Room No.607, Aayakar Vs. 21 & 22, 2Nd Floor, 230, Bhawan, Maharshi Karve Sakhar Bhawan, Nariman Road, Mumbai-400020. Point, Mumbai-400021. आयकर अपील सं/ I.T.A. No. 833/Mum/2020 (निर्धारण वर्ा / Assessment Year:2013-14) Acit, Circle 3(1)(2) बिधम/ Chemicon Engineering Room No.607, Aayakar Consultant Pvt. Ltd. Vs. 21 & 22, 2Nd Floor, 230, Bhawan, Maharshi Karve Road, Mumbai-400020. Sakhar Bhawan, Nariman Point, Mumbai-400021. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacc2686H (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Anuj Kisnadwala Revenue By: Shri H. N. Singh (Dr) सुनवाई की तारीख / Date Of Hearing: 11/05/2022 घोषणा की तारीख /Date Of Pronouncement: 17/06/2022 आदेश / O R D E R Per Aby T. Varkey, Jm: These Are Appeals Preferred By The Assessee & Revenue Respectively Against The Order Of The Ld. Cit(A)-08, Mumbai Dated 29.11.2019 For The A.Y.2013-14. 2. The Grounds Raised By The Both The Parties Are As Follows: Assessee Grounds: - 1. For That On The Facts & Circumstances Of The Case The Orders Passed By The Assessing Officer U/S 143(3) Of The Act, 1961 (The “Act”) & A.Ys.2013-14 Chemicon Engineering That By The Cit(A) U/S 250 Of The Act So Far It Relates To In Confirming Of The Additions To The Extent Of A) Rs. 6,22,05,000/- Received From Certain Companies Out Of Total Rs. 13,13,50,000/- In Respect Of Shares Allotted Against Share Application Money;

…al authorities in catena of judicial pronouncements. The said decision has been followed by Hon'ble Bombay High Court in the case of Gagandeep Infrastructure (P.) Ltd. case (supra) & subsequently in CIT v. Orchid Industries (P.) Ltd. [2017] 88 taxmann.com 502/397 ITR 136 (Bom.). The Hon'ble Delhi High Court followed the said decision in Pr. CIT v. Adamine Construction (P.) Ltd. [2019] 107 taxmann.com 84 against which revenue's Special Leave petition was dismissed by Hon'ble Supreme Court which is reported at 107 Taxmann.com 85. Similar is the position of decision of Hon'ble Delhi High Court rendered in Pr. CIT v.…

Chemicon Engineering Consultant Pvt Ltd., Mumbai vs. Asst CIT Circle- 3 (1)(2), Mumbai

In the result, the appeal of the Revenue stands dismissed and the appeal of the assessee is allowed

Bench: Shri Aby T. Varkey, Jm & Shri Gagan Goyal, Am आयकर अपील सं/ I.T.A. No.7907/Mum/2019 (निर्धारण वर्ा / Assessment Year:2013-14) Chemicon Engineering बिधम/ Acit, Circle 3(1)(2) Consultant Pvt. Ltd. Room No.607, Aayakar Vs. 21 & 22, 2Nd Floor, 230, Bhawan, Maharshi Karve Sakhar Bhawan, Nariman Road, Mumbai-400020. Point, Mumbai-400021. आयकर अपील सं/ I.T.A. No. 833/Mum/2020 (निर्धारण वर्ा / Assessment Year:2013-14) Acit, Circle 3(1)(2) बिधम/ Chemicon Engineering Room No.607, Aayakar Consultant Pvt. Ltd. Vs. 21 & 22, 2Nd Floor, 230, Bhawan, Maharshi Karve Road, Mumbai-400020. Sakhar Bhawan, Nariman Point, Mumbai-400021. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacc2686H (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Anuj Kisnadwala Revenue By: Shri H. N. Singh (Dr) सुनवाई की तारीख / Date Of Hearing: 11/05/2022 घोषणा की तारीख /Date Of Pronouncement: 17/06/2022 आदेश / O R D E R Per Aby T. Varkey, Jm: These Are Appeals Preferred By The Assessee & Revenue Respectively Against The Order Of The Ld. Cit(A)-08, Mumbai Dated 29.11.2019 For The A.Y.2013-14. 2. The Grounds Raised By The Both The Parties Are As Follows: Assessee Grounds: - 1. For That On The Facts & Circumstances Of The Case The Orders Passed By The Assessing Officer U/S 143(3) Of The Act, 1961 (The “Act”) & A.Ys.2013-14 Chemicon Engineering That By The Cit(A) U/S 250 Of The Act So Far It Relates To In Confirming Of The Additions To The Extent Of A) Rs. 6,22,05,000/- Received From Certain Companies Out Of Total Rs. 13,13,50,000/- In Respect Of Shares Allotted Against Share Application Money;

…al authorities in catena of judicial pronouncements. The said decision has been followed by Hon'ble Bombay High Court in the case of Gagandeep Infrastructure (P.) Ltd. case (supra) & subsequently in CIT v. Orchid Industries (P.) Ltd. [2017] 88 taxmann.com 502/397 ITR 136 (Bom.). The Hon'ble Delhi High Court followed the said decision in Pr. CIT v. Adamine Construction (P.) Ltd. [2019] 107 taxmann.com 84 against which revenue's Special Leave petition was dismissed by Hon'ble Supreme Court which is reported at 107 Taxmann.com 85. Similar is the position of decision of Hon'ble Delhi High Court rendered in Pr. CIT v.…

ITO 1(3)(2), Mumbai vs. Suntech Peripherals P.Ltd, Mumbai

The appeal stands dismissed

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील िं./ I.T.A. No. 3502/Mum/2017 (धििाारण वर्ा / Assessment Year: 2012-13 Ito – 1(3)(2) M/S Suntech Peripherals Pvt. Ltd. 5Th Floor, R. No. 541 बिाम 2-B, Prem Kutir, 177 Aaykar Bhavan, M. K. Road Babubhai Chinoi Road / Vs. Mubmai-400 020 Marine Drive, Mumbai-400 020 स्थायीलेखा िं./ जीआइआर िं./ Pan/Gir No. Aabcs-6873-P (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : Assessee By : Shri Prakash Jotwani – Ld. Ar Revenue By : Shri Hoshang Boman Irani – Ld. Dr ुनवाई की तारीख/ : 24/11/2021 Date Of Hearing घोषणा की तारीख / : 18/02/2022 Date Of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal () 1. Aforesaid Appeal By Revenue For Assessment Year (Ay) 2012-13 Arises Out Of The Order Of Learned Commissioner Of Income-Tax (Appeals)-3, Mumbai [Cit(A)], Dated 28/02/2017 In The Matter Of Assessment Framed By Ld. Ao U/S 143(3) On 30/03/2015. The Grounds Raised By The Revenue Read As Under: - 1. On The Facts & In The Circumstances Of The Case & In Law, The Ld. Cit(A) Was Erred In Deleting The Addition Of Share Premium Received On The Ground That It Was A Capital Receipt When In Reality There Is Accretion To Assets Without A Corresponding Increase In Claimable Liability (Shares & Premium Reserve) & Therefore Determining The Nature Of Such Receipt Of Share Premium As Income On It Remaining

…1 आयकर अपीलीय अधिकरण “जी” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI माननीय श्री महावीर स िंह, उपाध्यक्ष एवुं माननीय श्री मनोज कुमार अग्रवाल ,लेखा दस्य के मक्ष। BEFORE HON’BLE SHRI MAHAVIR SINGH, VP AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकरअपील िं./ I.T.A. No. 3502/Mum/2017 (धििाारण वर्ा / Assessment Year: 2012-13 ITO – 1(3)(2) M/s Suntech Peripherals Pvt. Ltd. 5th floor, R. No. 541 बिाम 2-B, Prem Kutir, 177 Aaykar Bhavan, M. K. Road Babubhai Chinoi Road / Vs. Mubmai-400 020 Marine Drive, Mumbai-400 020 स्थायीलेखा िं./ जीआइआर िं./ PAN/GIR No. AABCS-6873-P (अपीलाथी/Appellant…

M/S Harivardhan Steel & Alloys Pvt. Ltd., Mumbai vs. ITO 12(2)(3), Mumbai

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Ravish Soodassessment Year: 2014-15

…s Pvt. Ltd. (2008) 216 CTR 195 (SC). The Ld. A.R. submitted that the Hon’ble Bombay High Court has also followed this decision in the case of Gagandeep Infrastructure Pvt. Ltd. (2017) 394 ITR 680 (Bom.) as well as in CIT vs. Orchid Industries Pvt. Ltd. (2017) 397 ITR 136 (Bom.) by laying down same ratio. The Ld. A.R. also relied on the decision of Andaman Timber Industries vs. CCE (2015) 281 CTR 241 (SC) wherein it has been held that addition made without giving opportunity of cross examination is void ab-initio and order is nullity. The Ld. A.R. also relied on another decision of Hon’ble Supreme Court in the cas…

Adhoi Vyapar Pvt Ltd., Mumbai vs. ITO 9 (1)(1), Mumbai

The appeals stand allowed in terms of our above order

Bench: Hon’Ble Shri C.N. Prasad, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) 1. आयकरअपील सं./ I.T.A. No.7308/Mum/2019 (धििाारण वर्ा / Assessment Year: 2009-10) & 2. आयकरअपील सं./ I.T.A. No.7309/Mum/2019 (धििाारण वर्ा / Assessment Year: 2010-11) & 3. आयकरअपील सं./ I.T.A. No.7310/Mum/2019 (धििाारण वर्ा / Assessment Year: 2011-12) & 4. आयकरअपील सं./ I.T.A. No.7311/Mum/2019 (धििाारण वर्ा / Assessment Year: 2012-13) Adhoi Vyapar Pvt. Ltd. Ito-9(1)(1), R.No. 205, 2Nd Floor, A-502, 234, Manish Garden Chs, बिाम/ Vs. 4 Bunglow, Andheri(W), Aaykar Bhavan, M.K.Road Mumbai-400 058 Mumbai-400 020 स्थायीलेखासं./ जीआइआरसं./ Pan/Gir No. Aahca-6296-L (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : Assessee By : Shri Ajay Singh, Ld. Ar Revenue By : Shri Brajendra Kumar– Ld. Sr. Dr सुनवाई की तारीख/ : 03/09/2021 Date Of Hearing घोषणा की तारीख / : 01/10/2021 Date Of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal () 1. Aforesaid Appeals By Assessee For Assessment Years (Ay) 2009- 10 To 2012-13 Contest Separate Orders Of Learned First Appellate Authority

…1 आयकर अपीलीय अधिकरण “ए” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI माननीय श्री छल्ला नागेन्द्र प्रसाद, न्याययक सदस्य एवुं माननीय श्री मनोज कुमार अग्रवाल ,लेखा सदस्य के समक्ष। BEFORE HON’BLE SHRI C.N. PRASAD, JM AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM (Hearing Through Video Conferencing Mode) 1. आयकरअपील सं./ I.T.A. No.7308/Mum/2019 (धििाारण वर्ा / Assessment Year: 2009-10) & 2. आयकरअपील सं./ I.T.A. No.7309/Mum/2019 (धििाारण वर्ा / Assessment Year: 2010-11) & 3. आयकरअपील सं./ I.T.A. No.7310/Mum/2019 (धििाारण वर्ा / Assessment Year: 2011-12) & 4. आयकरअपील सं./ I.T.A. No.7311…

Dy CIT 15(1)(2), Mumbai vs. M/S Leena Poower Tech Engineers P Ltd., Navi Mumbai

In the result, the appeal is allowed

Bench: Us Is A Private Limited Company Stated To Be Engaged In The Business As 'Investment Company' In Column 10, Page 1, Of The Impugned Assessment Order. Its Assessment Under Section 143(3)

…ere not in existence, once assessee had produced documentary evidence to establish existence of companies, burden would shift on to revenue to establish initiation of reassessment and, thus, reassessment be set aside." iii) CIT vs. Orchid Industries Pvt. Ltd. 88 Taxmann.com 502 (Bombay HC): "Held that the assessee had produced on record the documents to establish the genuineness of the party such as PAN of all the creditors along with the confirmation, their bank statements showing payment of snare application money. The assessee had also produced the entire record regarding issuance or shares, i.e, allotment of…

Daga Infocom Pvt. Ltd., Mumbai vs. Cdit-CC-3(4), Mumbai

The appeal stands partly allowed in terms of our above order

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) आयकरअपील िं./ I.T.A. No. 7507/Mum/2018 (धििाारण वर्ा / Assessment Year: 2009-10) M/S Daga Infocom Pvt. Ltd. Dcit Cc – 3(4) बिाम/ 1915, 19Th Floor, Air India Building, 106, Sagar Shopping Centre J. P. Road, Andheri West, Nariman Point, Vs. Mumbai-400 058 Mumbai-400 021 स्थायीलेखा िं./ जीआइआर िं./ Pan/Gir No. Aabcd-9604-P (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : Assessee By : Shri Vishnu Agarwal, Ld. Ar Revenue By : Shri Bharat Andhle, Ld. Sr. Dr ुनवाई की तारीख/ : 12/08/2021 Date Of Hearing घोषणा की तारीख / : 01/09/2021 Date Of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal () 1. Aggrieved By Confirmation Of Certain Addition U/S 68 For Rs.67 Lacs In Ay 2009-10, The Assessee Is In Further Appeal Before Us. The Assessment Was Framed By Ld. Assessing Officer U/S 143(3) R.W.S. On 147 On 30/06/2016 Wherein Impugned Order Was Passed By Learned Commissioner Of Income-Tax (Appeals)-51, Mumbai [Cit(A)] On 26/10/2018. The Assessee Being Resident Corporate Assessee Is Stated

…1 M/s Daga Infocom Private Limited Assessment Year: 2009-10 आयकर अपीलीय अधिकरण “डी” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI माननीय श्री महावीर स िंह, उपाध्यक्ष एवुं माननीय श्री मनोज कुमार अग्रवाल ,लेखा दस्य के मक्ष। BEFORE HON’BLE SHRI MAHAVIR SINGH, VP AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM (Hearing Through Video Conferencing Mode) आयकरअपील िं./ I.T.A. No. 7507/Mum/2018 (धििाारण वर्ा / Assessment Year: 2009-10) M/s Daga Infocom Pvt. Ltd. DCIT CC – 3(4) बिाम/ 1915, 19th Floor, Air India Building, 106, Sagar Shopping Centre J. P. Road, Andheri West, Nariman Point, Vs. Mumbai…

ITO 6 (1)(2), Mumbai vs. M/S Aniata Dyes & Intermediates Pvt Ltd, Mumbai

…ee relied upon the order of learned CIT(A). He relied upon the following case laws from Hon'ble Bombay High Court :- 7 M/s. Anita Dyes & Intermediates Pvt. Ltd. • CIT Vs. Gagandeep Infrastructure Pvt. Ltd. (394 ITR 680) • CIT Vs. Orchid Industries Pvt. Ltd. (397 ITR 136) • Principal CIT Vs. Apeak Infotech (397 ITR 148) 13. As regards learned Departmental Representative reliance of NRA Iron & Steel (P) Ltd. (supra), the same was an ex-parte order by Hon'ble Apex Court, where Hon'ble Apex Court had given a finding on the bogus nature on the facts and circumstances of that case. The reliance upon Hon'ble Bombay Hi…

Asst CIT 9(2)(1), Mumbai vs. Brima Sagar Maharashtra Distilleries Ltd, Mumbai

The appeal stands dismissed

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Hon’Ble Shri Ravish Sood, Jm

…1 ITA Nos.756 & 4763/Mum/2016 Brima Sagar Maharashtra Distilleries Ltd. Assessment Years: 2011-12 & 2012-13 आयकर अपीलीय अिधकरण “बी” "ायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, MUMBAI माननीय "ी मनोज कुमार अ"वाल ,लेखा सद" एवं माननीय "ी रवीशसूद, "ाियक सद" के सम"। BEFORE HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM AND HON’BLE SHRI RAVISH SOOD, JM आयकरअपील सं./ I.T.A. No.756/Mum/2016 (िनधा"रण वष" / Assessment Year: 2011-12) & आयकरअपील सं./ I.T.A. No.4763/Mum/2016 (िनधा"रण वष" / Assessment Year: 2012-13) ACIT-9(2)(1) M/s Brima Sagar Maharashtra 665A, 6th Floor Distilleries Ltd. बनाम/ 7th Floor, Vaman T…

M/S.Neminath Mumbai Shelter, Mumbai vs. DCIT, Central Circle-1(3), Mumbai

The appeal of the assessee is allowed in terms of our aforesaid observations

Bench: Shri M. Balaganesh & Shri Ravish Soodita No(S). 2554, 2885, 2952, 3526 & 3527/Mum/2018 (Assessment Year(S): 2009-10 To 2011-12, 2013-14 & 2014-15) Neminath Mumbai Shelter Dcit, Central Circle-1(3), Mumbai 101/102, Kalpak Apartment, Pratishtha Bhavan, Old Cgo Bldg, Road No. 16, Sidharth Nagar, M.K Road, Mumbai – 400 020 Vs. Goregaon (W), Mumbai – 400 062

…rt of Bombay in the case of Commissioner of Income Tax-8 Vs. Neminath Mumbai Shelter vs. DCIT, Central Circle-1(3), Mumbai ITA Nos. 2554, 2885, 2952, 3526 & 3527/Mum/2018 A.Ys 2009-10,2010-11, 2011-12, 2013-14 & 2014-15 M/s Orchid Industries Pvt. Ltd. (2017) 397 ITR 136 (Bom). In the aforesaid case, it was observed by the Hon‟ble High Court that now when the assessee had placed on record documentary evidence to support the genuineness of the transactions under consideration, then, only because the creditors had not appeared before the A.O would not justify drawing of adverse inferences as regards the authenticit…