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2015 (7) TMI 1018 - ITAT DELHI

2015 (7) TMI 1018 - ITAT DELHI - TMI - Addition on Sale of Share Application Money - Held that:- No doubt the assessee remained non-cooperative before the AO as well as Ld. CIT(A), but after the reading of the affidavits filed by Smt. Sunita Jindal, W/o Late Shri Ravi Kiran Jindal and Smt. Swati Jindal, CA, Daughter in Law of Late Shri Ravi Kiran Jindal, Advocate in which they have stated that after the death of Late Sh. Ravi Kiran Jindal, Advocate, the employee of Late Sh. Ravi Kiran Jindal, ha .....

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e issue in dispute is set aside De novo to the AO to decide the same afresh, under the law, after giving full opportunity to the assessee of being heard for substantiating its claim. - Decided in favour of assessee for statistical purposes. - I.T.A. No. 2057/DEL/2013 - Dated:- 19-6-2015 - Shri H.S.Sidhu and Shri J.S. Reddy, JJ. For the Petitioner : Sh. V.K. Goel, Adv. & Mrs. Swati Jindal, CA For the Respondent : S h. J.P. Chandrekar, Sr. DR ORDER PER H.S. SIDHU : JM This appeal by the Assess .....

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: (i) Share allotted to Mls. Kuberco Sales Pvt. Ltd. ₹ 6,00,000/- (ii) Share allotted to M/s. Sparow Marketing Pvt. Ltd. ₹ 10,00,000/- The payment received through account payee cheque on the basis of notice U/s 133(6) received back. Ld. CIT(A) has not justified in conforming the order passed by AO. 2. That the assessee is liable to establish identity of the shareholders and genuineness of the transaction. Identity of shareholders is proved by ROC Record of the company and the genuin .....

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cts of the case are that the assessee filed its income tax return declaring loss of ₹ 1,71,794/- and the assessment was completed on the total income of ₹ 16 lacs by the AO by making the addition of ₹ 16 lacs on account of Sale of Share Application Money from Mls. Kuberco Sales Pvt. Ltd. and M/s. Sparow Marketing Pvt. Ltd. The AO ignored the various case laws and ignored the loss while computing the total income of the assessee. The assessee has also filed Application u/s. 154 .....

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various case laws which has not been cited by any party meaning thereby he himself quoted all these cases in the impugned order without confronting the same to the assessee s counsel. He further stated that Late Sh. Ravi Kiran Jindal, Advocate was looking after the entire income tax matters of the assessee company who passed away on 19.2.2011. Due to death of Sh. Ravi Kiran Jindal, Advocate the proceedings in the case of the assessee before the AO as well as before the Ld. CIT(A) could not be p .....

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er in law of Late Shri Ravi Kiran Jindal, Advocate. 5. On the contrary, Ld. DR relied upon the order passed by the revenue authorities and stated that the assessee has not produced any evidence before the AO as well as before the Ld. CIT(A) and he opposed the request of the assessee for setting aside the issue before the AO. He further stated that these two companies namely M/s. Kuberco Sales Pvt. Ltd. and M/s. Sparow Marketing Pvt. Ltd. are the purchasers of the shares and these companies have .....

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revenue authorities on the issue in dispute. We have also perused the Paper Book filed by the Ld. Counsel for the assessee containing pages 1 to 115 containing written submissions; photocopy of Return of allotment of shares; photocopy of Bank Statement 1.4.13 to 31.3.14; Photocopy of letter filed before AO, dated 14.10.2011 and 25.10.2011; photocopy of ROC certificated of Kuberco Sales (P) Ltd. and Sparrow Marketing (P) Ltd.; Photocopy of ROC Return of Kuberco Sales (P) Ltd. and Sparrow Marketi .....

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SMT. SUNITA JINDAL I Sunita Jindal W/o Late Shri Ravi Kiran Jindal, R/o R-2/240 Raj Nagar, Ghaziabad (U.P.) do hereby state on oath as under:- 1. That I am Director of M/s Turner Recreation Pvt. Ltd. having its registered office at N-101B, Munshi Lal Building, Connaught Circus, New Delhi - 110 001. 2. That in the above case my husband late Shri Ravi Kiran Jindal, Advocate was looking after the entire income tax matters of the company. 3. That my husband passed away on 19th February 2011, thereaf .....

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e proceedings efficiently. 6. That the company will feel obliged if your honor will allow the appeal considering the facts and law quoted by the assessee. I, Sunita Jindal, Director of M/s Turner Recreations Private Limited do hereby certify that all the information provided above are true to best of my knowledge and belief. This affidavit is made on the 17th day of June, 2015. CONTENTS OF AFFIDAVIT OF SMT. SWATI JINDAL I Swati Jindal (Chartered Accountant) W/o Sh. Abhishek Jindal (Director M/s .....

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tija Narwane Advocate who was the existing employee of late Shri. Ravi Kiran Jindal and during that time she was dealing in Sales Tax matters only. 4. That Mrs. Kshitija appeared before AO, but due to lack of sufficient knowledge relating to income tax matters she was unable to pursue the proceedings efficiently. 5. That after the death of my Father-in-Law now I am dealing with all the income tax matters. 6. That at the time of assessment before AO no proper opportunity of being heard is given t .....

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