Contact us   Feedback   Annual Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2015 (3) TMI 1209 - ITAT DELHI

2015 (3) TMI 1209 - ITAT DELHI - TMI - Reopening of the assessment - Held that:- The notice u/s 148 issued on 25.03.2011 was duly served on the assessee well within the limitation prescribed by the Act. The assessee has responded to the notice and submitted that return filed earlier should be treated as the return filed u/s 147 and the copy of the said return was also enclosed. The assessee has sought copy of reasons recorded u/s 147. The assessee company was provided reasons for reopening vide .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

business during the year there cannot be any occasion to generate unaccounted funds which can be routed back to the assessee company in the form of share application money. The assessee has submitted all the relevant papers before the Assessing Officer which include share application forms, confirmations, affidavits, balance sheets, certificate issued to the Board Resolution, confirmations from the party, bank statements of the parties, Copy of ITRs, balance sheets and profit & loss account, co .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

, the Assessing Officer’s details and bank account details. The money has been received through the regular bank accounts of these companies. All these companies have shown name of the assessee company in their ‘schedule’ of investment. Once adequate evidence and material given by the assessee, which would prima facie discharge the burden of the assessee in proving the identity of shareholders, genuineness of the transaction and creditworthiness of the shareholders, thereafter, in case such evid .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ED JAIN, CA AND SHRI V.M. CHAURASIYA, ADVOCATE REVENUE BY : SHRI P. DAM KANUNJHA, SENIOR DR ORDER PER B.C. MEENA, ACCOUNTANT MEMBER : The appeal filed by the assessee emanates from the order of the CIT (Appeals)-XVI, Delhi dated 22.01.2013. 2. In this case, the original return of income was filed on 29.10.2004 declaring income of ₹ 58,120/-. A notice u/s 148 of the Income-tax Act, 1961 was issued on 25.03.2011. The assessment u/s 147/143(3) was finalized on 26.12.2011 at an income of ͅ .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

of the reassessment proceedings and the reassessment order are bad both on facts and in law and liable to be quashed as the statutory conditions and procedure prescribed under the statute have not been complied with. 3. On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in rejecting the contention of the assessee that the reassessment order passed by the A.O. is bad and liable to be quashed as the same has been reopened on the basis of the reasons w .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

f the case, the learned CIT(A) has erred both on facts & in law in confirming the addition of ₹ 62, 13,750/- on account of share capital and share application money received by the assessee. (ii) On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in confirming the above addition despite the assessee bringing all material and evidences on record to prove the identity, genuineness of the share applicants. 6. That the above-said additions are .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

eopening of the assessment. 5. We have heard both the sides on the issue. The notice u/s 148 issued on 25.03.2011 was duly served on the assessee well within the limitation prescribed by the Act. The assessee has responded to the notice and submitted that return filed earlier should be treated as the return filed u/s 147 and the copy of the said return was also enclosed. The assessee has sought copy of reasons recorded u/s 147. The assessee company was provided reasons for reopening vide letter .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

d nos.5(i) & (ii), the assessee has challenged the addition of ₹ 62,13,750/- on account of share capital and share application money received by the assessee. 7. We have heard both the sides on the issue. The assessee has shown receipt of share application money from four entities as under :- S.No. Name Amount (Rs.) 1. Fair N Square Exports Pvt. Ltd. 20,04,000/- 2. Tashi Contractors (P) Ltd. 15,03,000/- 3. Satwant Singh Sodhi Const. (P) Ltd. 2,03,000/- 4. Rabik Exports Ltd. 25,03,750/- .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ors (x) Copy of Certificate of Incorporation (xi) Copy of Memorandum of Association & Articles of Association - M/s. Tashi Contractors (P) Ltd. (i) Copy of share application form (ii) Copy of affidavit (iii) Copy of certificate issued at the end of year by the party (iv) Copy of confirmation from party (v) Copy of Board Resolution (vi) Copy of bank statement (vii) Copy of acknowledgement of ITR (viii) Copy of balance sheet and P&L account (ix) Details of PAN (x) Copy of appointment of an .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

pointment of and changes among Director (xi) Copy of Certificate of Incorporation (xii) Copy of Memorandum of Association & Articles of Association - M/s. Fair N Square Exports (P) Ltd. (i) Copy of share application form (ii) Copy of affidavit (iii) Copy of certificate issued at the end of year by the party (iv) Copy of confirmation from party (v) Copy of Board Resolution (vi) Copy of bank statement (vii) Copy of acknowledgement of ITR (viii) Copy of balance sheet and P&L account (ix) De .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e the assessee has not done any business during the year there cannot be any occasion to generate unaccounted funds which can be routed back to the assessee company in the form of share application money. The assessee has submitted all the relevant papers before the Assessing Officer which include share application forms, confirmations, affidavits, balance sheets, certificate issued to the Board Resolution, confirmations from the party, bank statements of the parties, Copy of ITRs, balance sheet .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the PAN number, assessment details, the Assessing Officer s details and bank account details. The money has been received through the regular bank accounts of these companies. All these companies have shown name of the assessee company in their schedule of investment. In the case of CIT vs. Value Capital Services Pvt. Ltd. - 307 ITR 334, the Hon ble jurisdictional High Court has held as under:- In any case, what is clinching is the additional burden on the Revenue. It must show that even if 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

 

 

 

 

 



|| 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