Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (4) TMI 283 - AT - Income TaxAssessment u/s 147 - assessee is a non existing company or a bogus company - Validity of the reassessment proceedings - addition u/s 68 - in the instant case has taken recourse of the provision of section 147 as against 153(C) - HELD THAT:- AO in the instant case, after obtaining the report of the investigation wing has applied his mind and taken one approval of the higher authorities. He has also disposed of the objections. Since, the rereopening was based on specific information. No notice u/s 153C is also required. The various arguments advanced by the Ld. Counsel for the assessee in the instant case are without any merit and therefore, the legal ground raised by the assessee challenging the validity of the reassessment proceedings is dismissed. So far as the merit of the case is concerned find from the copy of the Assessment Order framed u/s 153C/153A in the case of M/s. VIP Leasing & Finance Private Limited, that the assessment in that case has been completed u/s. 153C and 153A. The address of the assessee has been given at 209, 2nd Floor, Sunder Kiran Building, WEA, Karol Bagh, New Delhi with PAN No. AAACV0475F. The audited accounts and the paper book in the case of M/s. VIP Leasing & Finance Private Limited disclosed the name of the assessee in the schedule of investment at Sr. No. 132 according to which an amount of ₹ 30 lacs has been invested in shares of the assessee company. There are also various investments in shares of different companies. No adverse inference has been drawn in the order passed u/s 153C/153A. The assessee in the instant case has filed the copy of the assessment order in the case of share applicant i.e. M/s. VIP Leasing & Finance Private Limited. Since the assessment has been framed u/s. 153C and 153A, it cannot be said that the assessee is a non existing company or a bogus company. Since this vital evidence was not considered by the AO or CIT(A) although the same was very much available with the department during the course of the assessment proceedings, therefore, deem it proper to restore this issue to the file of the Assessing Officer with a direction to verify the assessment record of M/s. VIP Leasing & Finance Private Limited from their Assessing Officer and decide the issue afresh and in accordance with law after giving due opportunity of being heard to the assessee. - Appeal filed by the assessee partly allowed for statistical purpose
|