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2013 (12) TMI 131 - AT - Income TaxValidity of assessment u/s 153A Held that:- Assessing Officer has issued a notice u/s 142(1) read with section 153A - No separate notice prescribed in the Income-tax Rule u/s 153A - Notice issued u/s 142(1) read with section 153A of the Act was sufficient to comply the legal requirement of notice to be issued u/s 153A of the Act - The assessee himself has replied to the Assessing Officer that the return filed on earlier date may be taken as return filed in response to the notice u/s 153A Decided against assessee. Non-issuance of notice u/s 143(2) Held that:- The Assessing Officer issued notice u/s 142(1) of the Income-tax Act, 1961 and notice u/s 143(2) - A questionnaire was issued for the A. Y. 2006-07, copy of the handwritten questionnaire was also placed on records wherein 13 details were asked by the Assessing Officer - The Assessing Officer has served on the assessee a notice requiring him to produce evidences on which the assessee relied in support of the return Following Ashok Chaddha vs. ITO [2011 (7) TMI 252 - Delhi High Court] - There is no specific provision in the Act requiring the assessment made under s. 153A to be after issue of notice under s. 143(2) - The two questionnaires issued to the assessee were sufficient so as to give notice to the assessee, asking him to attend the office of the AO in person or through a representative duly authorized in writing or produce or cause to be produced at the given time any documents, accounts, and any other evidence on which he may rely in support of the return filed by him Decided against assessee. Share application money Held that:- The assessee submitted the related documents of the investors to the Assessing Officer to prove the genuineness of the amount received as application money - The Assessing Officer has not raised any doubt for the authenticity of the above details and documents filed by the assessee - The Assessing Officer has also not made any enquiry for issuing notice u/s 133(6) or summons u/s 131 - No incriminating documents were found and seized during the search operation Following CIT vs. Orissa Corporation [1986 (3) TMI 3 - SUPREME Court] - The evidences submitted by the assessee cannot be thrown out without any enquiry specially when there is no material to implicate the assessee in a collusive arrangement - The details submitted show that the investors companies were sister concerns of the assessee and having the same address and common directors - The Assessing Officer has not pointed out any specific defects in the details submitted by the assessee Decided against Revenue. Unsecured loans received from directors Held that:- The assessee submitted the required details including the address of the Directors and creditors and also the ledger accounts of these persons - The copy of the bank statement from where the money was received was also furnished, the acknowledgement of return of income, computation of income and PAN of both the Directors/creditors were also submitted - The Assessing Officer has not made any further enquiry in this regard and has not pointed out any defect in the documents submitted - The transactions were carried out through banking channels and necessary confirmations were also filed The transactions were treated to be genuine - No incriminating document found and seized during the search operation with regard to the loans taken from the directors/creditors Decided against Revenue.
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