TMI Blog2014 (5) TMI 989X X X X Extracts X X X X X X X X Extracts X X X X ..... is no finding as to whether the additional evidence has been admitted or not - the additional evidence which consists of income-tax record, confirmations etc. of the share applicants necessary for discharge of the onus of the assessee has not been cross verified by AO from the department’s record - in the absence of consideration, the matter is required to be remitted back to the AO for fresh adj ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he eyes of law. (iii) The notice to reopen the assessment was invalid on account of non-furnishing of valid reasons to believe before issue of notice u/s 148. (iv) The ld. CIT(A) erred in law and on facts in confirming the addition of Rs. 78,75,000/- u/s 68 and Rs. 5,000/- u/s 69A of the I.T. Act. (v) Charging of interest u/s 234B D. 2. Ld. Counsel for the assessee at the out set co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in terms of sec. 68 as held by the Hon ble Delhi High Court in the cases of CIT Vs. Gangeshwari Metal (P) Ltd. 214 Taxman 423 (Del.); and CIT Vs. Goel Sons Golden Estate Pvt. Ltd. (ITA no. 212/2012 order dated 11-04-2012). These judgments hold that proposition that when assessee has discharged primary onus by furnishing necessary evidence about identity, genuineness and creditworthiness of share a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng on only physical presence of the share applicants and ignoring all material available on record, the principle of natural justice have been violated in this case. Besides, for these deficiency the order is unsustainable. Alternatively it is contended that in the mean time a catena of judgments from various High Courts including Hon ble Delhi High Court on the para meters of discharge of onus ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... c. of the share applicants necessary for discharge of the onus of the assessee has not been cross verified by assessing officer from the department s record. In the absence of consideration thereof we are inclined to set aside the issue back to the file of assessing officer to decide the same afresh in accordance with law, after giving the assessee an opportunity of being heard. We order according ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
