TMI Blog2013 (5) TMI 691X X X X Extracts X X X X X X X X Extracts X X X X ..... or of Income-tax (Inv.), New Delhi, vide letter dated 16.06.2006 has also not been mentioned. The AO did not mention the details of transactions that represented unexplained income of the assessee company. The reasons recorded by the AO do not disclose the AO’s mind as to what was the nature and amount of transaction or entries, which had been given or taken by the assessee in the relevant year. Thus no addition can be made to those reasons - initiation of proceedings u/s 147 was not valid - in favour of assessee. - ITA 608/2012, ITA 609/2012 - - - Dated:- 20-5-2013 - Badar Durrez Ahmed And Vibhu Bakhru,JJ. For the Appellant : Mr N. P. Sahni with Mr Ruchesh Sinha For the Respondent : Mr K. V. S Gupta JUDGMENT Bada ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee company is actually unexplained income of the assessee company. The assessee company has failed to disclose fully and truly all the material facts and source of these funds routed through bank accounts of the assessee company. I, therefore have reasons to believe that the income has escaped assessment within the meaning of section 147 of the I.T. Act, 1961 for the asstt. Year referred above. Hence notice u/s 148 is issued. The respondent / assessee had filed objections against the said notices under Section 148 of the said Act. However, without disposing of those objections by reasoned order, the Assessing Officer framed reassessment orders on 15.10.2007 in respect of both the years. By virtue of the reassessment orders, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the notice of Ld AO, vide appellant s letter dated 28.08.2007, while filing the objections to the reopening the assessment for the assessment year under consideration. On a perusal of the said letter it is seen that not only the issue was examined by the AO but also the claim of the appellant company was accepted in the original assessment. In this factual position, it cannot be held that the issue of share capital of Rs. 30 lacs was not examined and decided by the Ld AO at the time of the regular assessment. I also find myself in agreement with the Ld counsel that no fresh material, let alone tangible material, has come to his possession so as to empower/enable the AO to take recourse to the provisions of section 147 of the IT Act, 1961. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e at hand, as is seen from the reasons recorded by the AO, we find that the AO has merely stated that it has been informed by the Director of Income-tax (Inv.), New Delhi, vide letter dated 16.06.2006 that the above named company was involved in giving and taking bogus entries/transactions during the relevant year, which is actually unexplained income of the assessee company. The AO has further stated that the assessee company has failed to disclose fully and truly all material facts and source of these funds routed through bank account of the assessee company. In the reasons recorded, it is nowhere mentioned as to who had given bogus entries/transactions to the assessee or to whom the assessee had given bogus entries or transactions. It is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orded by the AO are totally vague, scanty and ambiguous. They are not clear and unambiguous but suffer from vagueness. The reasons recorded by the AO do not disclose the AO s mind as to what was the nature and amount of transaction or entries, which had been given or taken by the assessee in the relevant year. The reasons recorded by the AO also do not disclose his mind as to when and in what mode or way the bogus entries or transactions were given or taken by the assessee. From the reasons recorded, nobody can know what was the amount and nature of bogus entries or transactions given and taken by the assessee in the relevant year and with whom the transaction had taken place. As already noted above, it is well settled that only the reasons ..... X X X X Extracts X X X X X X X X Extracts X X X X
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