Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

Allied Strips Limited Versus Assistant Commissioner Of Income Tax Central Circle-15

2016 (5) TMI 580 - DELHI HIGH COURT

Reopening of assessment - share capital received - Held that:- The present case is one of change of opinion. The questionnaire and particularly question B.1 specifically raise the issue with regard to share capital. It requires the petitioner to give a list, source, genuineness, identity of the share holders along with confirmation copies of the ledger account of the party including confirmation of the mode, date, address and acknowledgement of return, etc. from the said party along with source .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s not permissible.In the present case also, there is not even a whisper of any allegation that there has been a failure on the part of the assessee to disclose fully and truly all material particulars necessary for assessment. - Decided in favour of assessee - WP(C) 2526/2015 - Dated:- 12-5-2016 - MR BADAR DURREZ AHMED & MR SANJEEV SACHDEVA JJ. For the Petitioner: Mr Salil Aggarwal and Mr Prakash Kumar, Advocates. For the Respondents: Mr Rohit Madan and Mr Akash Vajpai, Advocate for the Inco .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

riod of 4 (four) years from the end of the relevant assessment year and the pre-condition for such initiation that there was failure on the part of the assessee to fully and truly disclose all the material particulars necessary for the assessment is absent. It is contended that there was true and full disclosure of all material particulars made by the assessee and the reasons for re-opening do not even show that there was any such failure on the part of the assessee. It is further contended that .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

gs under Section 143(3) of the Act raising specific queries with regard to share application money. The specific query raised by the questionnaire dated 15.07.2009 pertaining to the share application money is as under:- B.1 For share capital, loans other than banks and inter corporate deposits, introduced/taken during the year and also in the period after passing of last order U/s' 1 43(3) give list, source genuineness, identity of the same. Please note you are to give confirmed copy of ledg .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

he year. File copy of ledger account and purpose of making deposit and of interest earned thereon, if any. 4. In response to the said query raised in the questionnaire, the assessee vide its response dated 07.08.2009 furnished the details of the share capital raised during the year. Alongwith with the response complete details of the shareholders, their addresses, PAN numbers and number of shares were furnished. In addition thereto, a confirmation letter from each of the shareholders was filed, .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

0694J 66700 M/s Bhalotia Agro Industries Ltd. WZ-241/S, Ground Floor, Inderpuri, New Delhi AABCB0388G 60000 M/s Elbee Portfolio Ltd. WZ-134, Plot No. 170, Vishnu Garden, New Delhi-110018. AABCH0899D 50000 M/s First Hi-Fin Ltd. 73, Triloki Apartment, Plot No. 85, I.P. Extn. New Delhi-110 092 AAACF2099M 56700 M/s Salwan Developers & Promoters (P) Ltd. A-4/181, Sector-17, Rohini, Delhi-110085 AAACS1320E 13400 M/s Paras Infotech (P) Ltd. E-71, Amar Colony, Lalpat Nagar, New Delhi-110024 AACCP993 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

R 33400 M/s Akshay Sales Pvt. Ltd. 2A/65, Ground Floor, Ramesh Nagar, New Delhi-110 015 AAICA6630Q 16700 M/s G.C. Technology (India) Pvt. Ltd. B-348, IIIrd Floor, Hari Nagar, New Delhi. AABCG3647B 73400 M/s Arun Finvest Pvt. Ltd. 50/12, Ashok Nagar, New Delhi-110 018 AABCA3510H 83400 M/s Maestro Mktg. & Advg. Pvt. Ltd. A-4/181, Sector-17, Rohini, Delhi-110085 AACCM0826H 40000 M/s Polo Leasing & Finance Pvt. Ltd. A-24, IInd Floor, Tagore Market, Kirti Nagar, New Delhi-110015 AABCP8345D 23 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

that we have made investment in shares, the particulars of which are given hereunder, our own declared sources. Name of Company No. of Shares : Allied Strips Ltd. No. of Shares : 26700 Equity Shares of ₹ 10/- each At a premium of ₹ 20/- per share Amount invested in Rupees : 8,01,000/- Particulars of Remittance : Cheque /DD/Pay Order No. : 453976, 453977 Dated : 29/01/2007 Amount : 4,00,000/- each and 1,000/- each Bank Particulars : The Bank of Rajasthan Ltd. Vikaspuri, Delhi PAN/GIR .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

filed on 16.11.2007 and the same was processed u/s 143(1) at returned income on 21.02.2009. Subsequently, the case was selected for scrutiny. Notice u/s 143(2) & 142(1) along with detailed questionnaire was issued to the assessee. In response to this notice, Shri N.C. Jain, CA/AR attended from time to time and filed details as called for vide letter dated 07.08.2009, 20.08.2009, 31.08.2009, 09.09.2009, 23.09.2009 and 07.10.2009 (Details are in part-I, II & III of record). The assessee is .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

g Officer after examining the aspect of share application money received by the assessee through the issuance of the questionnaire and notices framed the assessment under Section 143(3) on 07.10.2009. The returned income was accepted and no addition was made on account of the share application money. 8. In CIT vs. Usha International Ltd. (2012) 348 ITR 485 (Delhi) (FB), a full bench of this Court held:- Re-assessment proceedings will be invalid in case an issue or query is raised and answered by .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

n 27.03.2014, the impugned notice under Section 148 of the Act has been issued. The reasons supplied to the assessee for re-opening of the case dated 24.03.2014 record as under:- M/s Allied Strips Pvt. Ltd. (AABCA0609D) Assessment in this case was completed u/s 143(3) at an income of ₹ 46,42,540/- on 07.10.2009. An information has been received from the Dy. Director of Income Tax (Inv.), Unit-V(2), New Delhi that a search & seizure operation was carried out in the case of Allied Strips .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

nit Ltd. 2A/65, Ground Floor, Ramesh Nagar, New Delhi-110 015 31.03.2007 26700 20 2001000 10 M/s Monisha Impex Ltd. 2A/65, Ramesh Nagar, New Delhi-110 015 31.03.2007 66700 20 801000 10 M/s Bhalotia Agro Industries Ltd. WZ-241/S, Ground Floor, Inderpuri, New Delhi 31.03.2007 60000 20 1800000 10 M/s Elbee Portfolio Ltd. WZ-134, Plot No. 170, Vishnu Garden, New Delhi-110018. 31.03.2007 50000 20 1701000 10 M/s First Hi-Fin Ltd. 73, Triloki Apartment, Plot No. 85, I.P. Extn. New Delhi-110 092 31.03.2 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s Ltd. 2A/55, Ground Floor, Ramesh Nagar, New Delhi-110 015 31.03.2007 33400 20 1002000 10 M/s B. Fin-Lease Pvt. Ltd. 1/16 Ist Floor, Asaf Ali Road, New Delhi-110002 31.03.2007 43400 20 1302000 10 M/s Tashi Contractors (P) Ltd. Shop No. 20, Krishna Market, Bawana Road, Pooth Khurd, Delhi 31.03.2007 33400 20 1002000 10 M/s Akshay Sales Pvt. Ltd. 2A/65, Ground Floor, Ramesh Nagar, New Delhi-110 015 31.03.2007 16700 20 501000 10 M/s G.C. Technology (India) Pvt. Ltd. B-348, IIIrd Floor, Hari Nagar, .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s Rajkar Electri & Elect (P) Ltd. 5012, Ashok Vihar, New Delhi-110 018 31.03.2007 70000 20 2100000 10 M/s Shattarchi Finance & Leasing Ltd. 726, Pocket IIIrd Sector-19, Dwarka, New Delhi-110045. 31.03.2007 15900 20 477000 10 Total 1000000 3,00,000/- The DDIT (Inv.) has further submitted that the investors have been verified from ITD and none of them reflect receipt of nay dividend on the investment made by them. The returns declaring meagre income/nil/loss income create suspicion on the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ified I therefore reason to believe that an income to the extent of ₹ 3,00,00,000/- has escaped assessment and to assessee the income mentioned above and to verify the genuineness/creditworthiness of the above investors. I propose to issue notice u/s 148 of the Income Tax Act, 1961 for the assessment year 2007-08. Therefore, I have reason to believe that THE ASSESSEE COMPANY M/s Allied Strips Limited has concealed the particulars of income to the extent of ₹ 3,00,00,000/- which has n .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

eness, identity of the share holders along with confirmation copies of the ledger account of the party including confirmation of the mode, date, address and acknowledgement of return, etc. from the said party along with source and relevant bank entries. The said information was provided by the assessee. After receipt of the said information, Assessing Officer did not think it fit to make an addition and, under these circumstances, no addition itself amounts to forming an opinion as has been held .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

en made out. 13. Perusal of the reasons for initiating re-assessment shows that there is not even an allegation that there has been failure on the part of the petitioner/assessee to fully and truly disclose all the material particulars necessary for re-assessment. 14. In Haryana Acrylic Manufacturing P. Ltd. Co. Vs. CIT 2009 (308) ITR 38 (Delhi), this Court held as under:- 29. In the reasons supplied to the petitioner, there is no whisper, what to speak of any allegation, that the petitioner had .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     bird's eye view     ↓  


|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version