TMI Blog2012 (9) TMI 474X X X X Extracts X X X X X X X X Extracts X X X X ..... D SHRI T.S. KAPOOR, JJ. Department by : Smt. Anusha Khurana, Sr. DR. ORDER PER TS KAPOOR, AM: This is an appeal filed by the revenue against the impugned order of Ld CIT(A) dated 31st march, 2011. The assessee has also filed cross objection against the appeal made by the revenue. The grounds of appeal taken by the revenue and that of grounds raised in the cross objection are as under:- I.T.A. No.2795/Del/2011: (Revenue s appeal): 1. On the facts and circumstances of the case and in law, the CIT(A) has erred in deleting the addition of Rs.1 crore on account of accommodation entries. 2. The appellant craves leave to add, alter or amend any ground of appeal raised above at the time of hearing. C.O. No.208/De;-2011: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .1 crore on account of two cheques of Rs.50 lakhs each. 3. Aggrieved, the assessee filed appeal before Ld CIT(A) and submitted the following submissions:- i) That the assessee has received share application money through banking channel for the purpose of business; ii) That the identity of the company was not in dispute. The companies are in existence and verified; iii) That in original assessment u/s 143(3) of the IT Act, this entire transactions were treated as genuine, proper and verifiable; iv) That reopening was based on information received from Investigation Wing that there was a search in the case of Shri Pawan Kumar Ruhia and his group companies on 19.2.2004; v) That the original assessment order in this case was comple ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation 314 ITR 81 it is manifest that while making reopening, it is must that reasons recorded u/s 148 of the Act are of Assessing Officer and not of anybody else and is held in this case that power to reopen the case u/s 148 cannot be exercised on the basis of direction/dictates of higher authorities. Thus, there is no justification for reopening of the case; xi) That there is no cross examination of third party statement on the basis of which reopening was resorted. Failure of which should be nullification of reopening; xii) That assessee has refunded the entire share application money received from the parties concerned and which has not been denied by the parties; xiii) That there is no justification for holding the transaction as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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