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Topchem (India) Pvt. Ltd. Versus Income Tax Officer, Ward-16 (3) , New Delhi

Reopening of assessment - Addition u/s 68 on receipt of accommodation entries - information received from the investigation wing of the Department - Held that:- The assessment was reopened on the basis of information received from the investigation wing of the Department about the existence of accommodation entry providers and their modus operandi and the assessee's name has also figured in the list of beneficiaries. Although the assessee had filed documents relating to the transactions at the t .....

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tion regarding the nature and source of credit or if the explanation offered by him is not satisfactory.

The failure on the part of the assessee in producing the share applicants for deposition before the AO lends credence to the theory that the monies emanated from the coffers of the assessee company. As decided in CIT vs. Nova Promoters and Finlease (P) Ltd. (2012 (2) TMI 194 - DELHI HIGH COURT) wherein held that where sums were shown as share application moneys and information had .....

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dhanshu Srivastava, Judicial Member This assessee's appeal is directed against the order dated 8.10.2012 passed by the Ld. CIT(A) -19, New Delhi. The brief facts of the case as borne out from the records are that information was received from Director of Income Tax(Investigation), New Delhi in respect of beneficiaries who have taken accommodation entries in the form of gifts, share application, loans etc. Perusal of this information revealed that there were entries in the books of accounts o .....

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that the original return filed vide acknowledgment No. 1975 dated 31.10.2002 may be considered as return filed in response to the notice u/s 148 of the Act. It is also seen from the records that assessment u/s 143(3) of the Act for the year under consideration was completed vide order dated 30.11.2004 in which the returned income of the assesee was accepted. 2. During the course of proceedings u/s 148 of the Act, summons u/s 131 of the Act were issued to Smt. Manju Aggarwal, Prop M/s. Arpit Sale .....

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ppeal. However the Ld. CIT(A) relying on various case laws including that of the Hon'ble Delhi High Court in CIT vs. Nova Promoters & Finlease (P) Ltd. 342 ITR 169 (Del.) dismissed the appeal of the assessee and confirmed the addition of ₹ 5 lacs u/s 68 of the Income Tax Act. 3. In the appeal before us, the Ld. AR for the assessee has reiterated that the original assessment of the assessee was completed u/s 143(3) of the Act on 30.11.2004. He submitted that the assessee had submitt .....

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s 73 to 86 are copies of various documents submitted before the AO in response to his questionnaire regarding share application money received during the year. It is the AR's contention that the receipts of ₹ 5 lacs were duly examined by the AO by making specific inquiries and verifying various documents and evidences filed during the course of assessment proceedings u/s 143(3). The Ld. AR further submitted that the assessment order was passed after examination of the evidences by the .....

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Ld. DR on the other hand supported the action of the AO and that of the Ld. CIT (A). 5. We have gone through the facts of the case and the material available before us and it is undisputed that the assessment was reopened on the basis of information received from the investigation wing of the Department about the existence of accommodation entry providers and their modus operandi and the assessee's name has also figured in the list of beneficiaries. Although the assessee had filed documents .....

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