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2020 (6) TMI 312 - ITAT DELHIValidity of re-assessment proceeding initiated u/s 147 - unexplained share application money - information received consequent to search and seizure operations carried out at the residential and business premises of accommodation entry providers - HELD THAT:- Applying the principle laid down in Jet Airways (I) Ltd. [2010 (4) TMI 431 - HIGH COURT OF BOMBAY] and in Ranbaxy Laboratories Ltd. [2011 (6) TMI 4 - DELHI HIGH COURT] we hold that in the facts and circumstances of the case where the basis for issuing the notice u/s 148 was, on account of reasons recorded for re-opening the reassessment u/s 147 i.e. share application money received from VPC Financial Services Ltd. of ₹ 10 Lakhs and no addition on this account has been made in the hands of the assessee, then any other addition made in the case of the assessee would not survive. Accordingly, we hold so. Thus, we decide the preliminary issue raised before us i.e. one of the aspect of the preliminary issue raised before us, where no addition has been made on account of the reasons recorded for re-opening the assessment under the provisions of section 147/148 of the Act, then no addition can be made in the hands of the assessee on any other account. Hence, the order passed u/s 147 r.w.s. 143(3) of the Act is invalid. - Decided in favour of assessee.
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