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Bihariji Commodity Brokers Pvt Ltd Versus Income-Tax Officer, Ward 3 (1) , New Delhi

2015 (10) TMI 1414 - ITAT DELHI

Addition u/s 68 and u/s 69A - assessee had applied under Rule 46 for admission of additional evidence in form of confirmations, copy of I.T. returns, PAN nos. copy of bank statements etc. of the share applicants - Held that:- For want of decision on 46A and for insisting on only physical presence of the share applicants and ignoring all material available on record, the principle of natural justice have been violated in this case. Besides, for these deficiency the order is unsustainable

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ment's record. In the absence of consideration thereof we are inclined to set aside the issue back to the file of assessing officer to decide the same afresh in accordance with law, after giving the assessee an opportunity of being heard - Decided in favour of assessee for statistical purposes - ITA No. 2535/Del/2013 - Dated:- 25-4-2015 - R P Tolani, JM And Shamim Yahya, AM,JJ. For the Appellant : Shri Ved Jain FCA & Ms Rano Jain CA For the Respondent : Ms Y Kakkar Sr. DR ORDER Per: R P Tola .....

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the eyes of law. (iii) The notice to reopen the assessment was invalid on account of non-furnishing of valid reasons to believe before issue of notice u/s 148. (iv) The ld. CIT(A) erred in law and on facts in confirming the addition of ₹ 78,75,000/- u/s 68 and ₹ 5,000/- u/s 69A of the I.T. Act. (v) Charging of interest u/s 234B & D. 2. Ld. Counsel for the assessee at the out set contends that during the course of appellate proceedings assessee had applied under Rule 46 for admiss .....

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A ld. CIT(A) has to give a definite finding whether the additional evidence has been admitted or not. The additional evidence supplied by the assessee is crucial to demonstrate the discharges of its onus in terms of sec. 68 as held by the Hon'ble Delhi High Court in the cases of CIT Vs. Gangeshwari Metal (P) Ltd. 214 Taxman 423 (Del.); and CIT Vs. Goel Sons Golden Estate Pvt. Ltd. (ITA no. 212/2012 order dated 11-04-2012). These judgments hold that proposition that when assessee has discharg .....

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ssessment was reopened after a period of 7 years. After such a long gap it was not possible for the assessee to physically produce the share applicants. The assessee having furnished the necessary evidence, the same ought to have been verified by the assessing officer through the departmental record as the share applicants were assessed to income-tax. 2.2. For want of decision on 46A and for insisting on only physical presence of the share applicants and ignoring all material available on record .....

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