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ASSTT. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-25, NEW DELHI Versus M/s GOODVIEW TRADING (P) LTD. AND VICA-VERSA

2016 (2) TMI 624 - ITAT DELHI

Addition u/s. 68 - addition based on statement of third party - Held that:- As assessee during the course of proceedings has discharged its by submitting necessary evidence available to establish the bonafide of the transactions. Thereafter, the onus shifted on the revenue to prove that the claim of the assessee was factually incorrect. Simply by pointing out that the applicant companies did not have sufficient income or that the bank accounts indicated credits and debits in rapid succession lea .....

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ave been made u/s. 153C, but u/s. 147/ 143(3) after making proper enquiries. In the present facts of the case, the addition is not legally sustainable and therefore, was rightly deleted by the Ld. CIT(A), which does not need any interference on our part, hence, we uphold the same and decide the issue against the Revenue. - Decided in favour of assessee - I.T.A. No. 4644/DEL/2013 - Dated:- 15-1-2016 - SHRI H.S. SIDHU, JUDICIAL MEMBER AND SHRI O.P. KANT, ACCOUNTANT MEMBER For The Department : Sh. .....

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. 2. On the facts and circumstances of the cse, the Ld. CIT(A) has erred in deleting the addition of ₹ 25,00,96,500/- made by AO u/s. 68 of the I.T. Act. 3. The appellant craves leave to add, alter or amend any / all of the grounds of appeal before or during the course of the hearing of the appeal. 3. The grounds raised in the Assessee s Cross Objection read as under:- 1. On the facts and circumstances of the case, Ld Commissioner of Income Tax (Appeals) [CIT(A)] has erred both on facts &a .....

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framed consequent to a search which itself was unlawful and invalid in. the eye of law. 3. On the facts and circumstances of the case, Ld Commissioner of Income Tax (Appeals) [CIT(A)] has erred both on facts & in law in rejecting the contention of the assessee that the proceedings initiated under Section 153C are bad in law in the absence of any incriminating material belonging to the assessee being found during the course of the search. 4. On .he facts and circumstances of the case, Ld Comm .....

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Income Tax (Appeals) [CIT(A)] has erred both on facts & in law in rejecting the contention of the assessee that the assessment framed under Section 153C is bad and liable to be quashed as no valid notice under Section 153C as required under the law has been issued and served on the assessee. The respondent craves leave to add, amend or alter any of the grounds of cross objection. 4. The brief facts of the case are that the assessee is engaged in the business of investments in capital market. .....

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d 29.12.2011 passed u/s. 143(3) r.w.s. 153C of the I.T. Act. 5. Against the aforesaid assessment order, the assessee appealed before the Ld. CIT(A), who vide impugned order dated 24.5.2013 partly allowed the appeal of the assessee and deleted the addition in dispute. 6. Aggrieved with the impugned order, the Revenue is in appeal before the Tribunal. 7. Ld. DR relied upon the order of the AO and reiterated the contentions raised in the grounds of appeal. 8. On the contrary, Ld. Authorised Represe .....

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dispute by considering the submissions of the Ld. Counsel of the assessee and adjudicated the issue in dispute as under vide para 4.3 at page 26 to 27 of his impugned order. 4.3 I have considered the assessment order and submissions of the appellant. It is settled law that the onus of proving a claim is initially on the assessee but this is a shifting burden and once an assessee discharges its primary onus, the burden shins on the revenue. In the present case the appellant had duly discharged it .....

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s statement of a person or any other material indicating tax evasion by the appellant, or persons in control of its management, the material relied upon should have been made available to the appellant in its entirety. From the records, it appears that this was not done. it has been held by the Hon ble Apex Court that taxing authorities exercise quasi-judicial powers and in doing so they must act in a fair and not a partisan manner. Although it is part of their duty to ensure that no tax which i .....

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sidered opinion, this is not the case where addition should have been made u/s. 153C, but u/s. 147/ 143(3) after making proper enquiries. In the present facts of the case, the addition is not legally sustainable and is deleted. Appellant gets relief of ₹ 25,00,96,500/-. 9.1 On going through the aforesaid finding of the Ld. CIT(A) on the issue in dispute and the case laws cited in the impugned order, we are of the view that the assessee during the course of proceedings has discharged its by .....

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