Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (12) TMI 1409 - ITAT DELHIReassessment proceedings u/s 147 v/s assessment u/s 153C - assessment barred by limitation - Held that:- Revenue has not challenged the order of the CIT(A) quashing the reassessment proceedings by invoking the 1st proviso to section 147 of the IT Act, i.e., barred by limitation. Once the CIT(A) has quashed the reassessment proceedings on account of limitation and the Revenue has not challenged the same, the order of the CIT(A) has attained finality so far as the same is barred by limitation. Once the reassessment proceedings are quashed, the other grounds raised by the Revenue in the appeal and the grounds raised by the assessee in the CO become infructuous and academic in nature. Addition u/s 68 - non independent application of mind - report of the Investigation Wing of the Department relied upon - Held that:- We find from the various details furnished by the assessee that it has received share application money aggregating to ₹ 9.27 crore from various share applicants. The assessee company has issued shares @ ₹ 100/- with a premium of ₹ 400/- out of which share amount of ₹ 75/- and premium amount of ₹ 300/- has been received by the company during the year as share application money. The assessee has issued 230000 shares out of which 56800 shares have been issued to the five parties in question. Assessee during the course of assessment proceedings u/s 143(3) as well as during the course of proceedings u/s 147 of the Act filed various documents in order to prove the identity and credit worthiness of the parties as well as the genuineness of the transactions by filing documents such as financial statements of the parties, bank statements of the parties, income-tax returns of the parties, PAN nos. of the parties, confirmation of accounts and master data of the companies as per the ROC records. The Assessing Officer has not pointed out any discrepancy in the documents so filed and not made any further enquiries and simply made the addition on the basis of the report of the Investigation Wing of the Department. It is the settled proposition of law that addition u/s 68 of the Act cannot be made when the assessee has discharged the initial onus cast on it by furnishing necessary documents to prove the identity and credit worthiness of the share applicants/loan creditors and genuineness of the transaction. Once the assessee satisfies the initial onus cast on it, the burden shifts to the Revenue. However, in the instant case, it appears that the Assessing Officer has not done his job properly. No infirmity in the order of the CIT(A) deleting the addition on merit especially when no contrary material was brought before us by the ld. DR. - Decided in favour of assessee
|