TMI Blog2012 (5) TMI 41X X X X Extracts X X X X X X X X Extracts X X X X ..... nts were mere paper entities - it is also to be noted that share were not allotted to these parties in the immediate future - the orders of the authorities below are required to be set aside on the impugned issues and the matter remitted back to the file of the Assessing Officer for re-adjudicating -the Assessing Officer should pass a fresh order as per law after giving the assessee adequate opportunity of being heard. - ITA 252/2012, ITA 253/2012, ITA 258/2012 - - - Dated:- 24-4-2012 - MR. JUSTICE SANJIV KHANNA, MR. JUSTICE R.V. EASWAR, JJ. For Appellant: Mr. R. Santhanam and Mr. A P Sinha, Advs. For Respondent: Mr. Deepak Chopra, sr. standing counsel with Mr. Harpreet Singh Ajmani, Adv. SANJIV KHANNA, J: (ORAL) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ommissioner of Income Tax Vs. Kamdhenu Steel Alloys Ltd. Ors. (2012) 248 CTR (Del.) 33. Learned counsel submits that there is a proposal to amend the Act, applicable w.e.f. assessment year 2013-2014 as per the Finance Bill which is pending for consideration before the Parliament. This proposed amendment is not retrospective. Lastly, he relies upon decisions of the Supreme Court in Anis Ahmad and Sons v. CIT(A) (2008) 297 ITR 441 (SC). 3. Having heard the counsel for the parties and considered the contentions raised, we do not think any substantial question arises for consideration. 4. In this case reassessment proceedings were initiated after information was received from Director of Investigation regarding bogus/accommodation ent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hus the onus to prove the contrary was on the revenue. In support of the above contention, the assessee has placed reliance on the judgment of Hon‟ble Supreme Court in the case of Lovely Exports Pvt. Ltd. (supra) 18. On the issue of resting of onus, the contention of revenue is that the ratio laid down by the Hon‟ble Apex Court in the case of Lovely Exports Pvt. Ltd. (supra) is not applicable in the facts of the present case and, therefore, at the end of the proceedings before the Assessing Officer as well as before the ld. CIT (A), the onus lay on the assessee and not on the revenue. 19. We, therefore, have to first decide as to whether in the facts and circumstances of the present case, the ratio laid down by the HonR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble High Court by holding that no question of law arose. The Hon‟ble Supreme Court in the case of Lovely Exports Pvt. Ltd. (supra) has upheld the above judgment of the Hon‟bel Delhi High Court. 20. In the present case, however, the assessee is a private limited company. The share application money was received through private placement. The Assessing Officer has brought on record evidence in the shape of Income tax returns and bank statements of the share applicants to show that these companies had very meager income or were running in losses. It has also been brought on record that in most of the cases, the amounts were deposited in the account either on the same day or a day before the issue of cheques to the assessee. All ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot produce them before the Assessing Officer. From the above, it is amply clear that at the end of proceeding, both in assessment and in remand, the onus finally lay on the assessee. 22. Be that as it may, it has been noted by us that all the share applicants have PAN Numbers and at least were assessed to tax in some year or other. What is the position of assessments of these companies for the relevant assessment year has not been brought to our notice by either of the parties. If the impugned amounts were assessed in the hands of the share applicants, the same could not be assessed in the hands of the assessee and vice versa. 23. Taking all the above facts and circumstances into consideration, we are of the considered opinion that th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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