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2014 (11) TMI 133 - AT - Income TaxInitiation of proceedings u/s 263 Whether the CIT erred in holding that receipt of share capital was not properly investigated and was not justified in imposing her own view of the manner in which enquiry was to be conducted Held that:- The requisite and proper inquiries were not done in respect of the share application money received by the assessee in the course of original assessment order passed on 07.07.2010 nor has the AO applied his mind as decided in Malabar Industrial Company Limited vs.- CIT [2000 (2) TMI 10 - SUPREME Court] wherein the action of the CIT in setting aside the assessment order passed under section 148/ 143(3) on 07.07.2010 cannot be faulted with. There is no intimation as to when the original Directors of the assessee company Shri Ganpat Jain and Shri Subodh Tody were replaced or when Shri Arihant Jain became a Director - There is no information to show when Shri Arian Jain, Shri Subbed Toddy and Shri Ganapati Jain were replaced by the Directors Shri Human Mall Saratoga and Shri Annand Kumar Jain. Though the assesse has filed a fresh appeal memo and Form 36 dated 31.07.2014 signed by Shri Human Mall Saratoga - It is not shown as to how Shri Human Mall Saratoga was a Director as on 14.05.2013 when the appeal was filed by the assesse - These facts are being brought out because if Shri Arihant Jain is the Director then the appeal filed by the assessee on 14.05.2013 is within time thus, the order passed by the CIT u/s 263 is upheld Decided against assessee.
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