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2015 (11) TMI 267 - ITAT DELHI

2015 (11) TMI 267 - ITAT DELHI - TMI - Revision u/s 263 - issue of share application money - Held that:- With regard to the issue of share application money, we find that the amount of ₹ 52,48,000/- taken by the CIT is a clear mistake and it represents the opening balance as on 01.04.2007 and, in fact, the addition during the year was of ₹ 2.53 lakhs. The assessee has filed the required details and the order of the learned CIT itself is erroneous on this issue. In these facts of the .....

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nses were submitted and the supporting vouchers and bills, receipts etc. were also summoned and produced by the assessee on 25.10.2010 and on 28.10.2010. The accounts of the assessee were audited by the Chartered Accountant. We find that the order of learned CIT u/s 263 on this issue is based on mere suspicion and there is no material brought on record to suggest that the order of the Assessing Officer was erroneous or prejudicial to the interests of the Revenue. Accordingly, we hold that there .....

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f Income-tax, Meerut dated 25th March, 2013. 2. The effective ground of appeal of the assessee is ground No.1, which reads as under:- "That the learned Commissioner of Income-tax erred in law and on the facts invoking the provisions of Section 263 of the Income-tax Act, 1961 and passing the Order dated 25.03.2013. The Order passed and various directions given are bad in law, arbitrary, erroneous, illegal and unwarranted in view of the facts and circumstances of the case and the material on .....

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lows:- a) Trade Creditors of ₹ 1,37,01,797/- and share application money of ₹ 52,48,000/- has been accepted by the A.O. without any enquiry or verification. b) There is difference in the receipt shown by the assessee in TDS certificate which is at ₹ 2,12,03,930/- and 26AS which is ₹ 2,22,87,066/- which means that there is a suppression of ₹ 10,83,136/-, which was required to be added to the income of the assessee, but A.O.s order is silent on this issue. c) Claims o .....

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venue. He referred to the copy of the notice issued by the Assessing Officer u/s 142(1) of the Act dated 10.05.2010 wherein in question No.5, the Assessing Officer had asked for confirmation of sundry creditors along with their permanent account numbers and complete address and copy of return of income, genuineness of the transaction and creditworthiness. He submitted that complete details were filed along with the confirmation from the trade creditors and they were existing income tax assessees .....

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d CIT as it pertained to the earlier years and was opening balance as on 01.04.2007 and the addition during the year was only ₹ 2.53 lakhs for which necessary evidence was filed. He referred to the relevant details filed in the compilation in this behalf. 5. Learned DR has opposed the submissions of the learned counsel for the assessee on this issue. He submitted that not only enquiry but proper enquiry should have been made by the Assessing Officer, which was not done in this case. The As .....

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er of the Assessing Officer and learned CIT(A). Regarding the first issue of trade creditors and share application money, we find that the Assessing Officer has served on the assessee a notice u/s 142(1) of the Act dated 10.05.2010 wherein vide enquiry No.5, he has asked for the relevant details with regard to sundry creditors. The assessee has complied with the said notice and has given complete details along with copy of account, complete address and a confirmation of account along with perman .....

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e Revenue. With regard to the issue of share application money, we find that the amount of ₹ 52,48,000/- taken by the CIT is a clear mistake and it represents the opening balance as on 01.04.2007 and, in fact, the addition during the year was of ₹ 2.53 lakhs. The assessee has filed the required details and the order of the learned CIT itself is erroneous on this issue. In these facts of the case, we hold that the learned CIT was not justified in invoking the provisions of Section 263 .....

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