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2017 (2) TMI 342 - DELHI HIGH COURT

2017 (2) TMI 342 - DELHI HIGH COURT - TMI - Addition u/s 68 - ITAT ruled that the additions were unwarranted - Held that:- The appellant has adduced the documentary evidences in support of the transaction in question. The identity of the purchasers of the shares was established as it was borne on the record of the Income Tax Department. The purchasers have PAN card as well. - ITAT discounted the Revenue’s submissions that the investment shown in the book of accounts and reflected as assets .....

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he Appellant : Mr. Ashok K. Manchanda, Sr. Standing Counsel with Mr. Raghvendra Singh, Jr. Standing Counsel. For The Respondent : Mr. M.P. Rastogi with Mr. K.N. Ahuja, Advocates 1. The Revenue claims to be aggrieved by the order of the Income Tax Appellate Tribunal (ITAT). The ITAT affirmed the Appellate Commissioner s order who had ruled that the additions made under Section 68 to the tune of ₹ 93,45,000/- were unwarranted. It is contended that both the Appellate Commissioner and the ITAT .....

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d upon his appreciation of the facts which are that upon issuance of summons under Section 131 none of the parties reported or joined the proceedings. 3. The CIT (A) on the one hand upheld the reopening of the assessment but on the other, directed the deletion of the sums brought to tax by the AO. The CIT (A) s conclusions were based upon the rival submissions especially the assessee s contentions that the amounts were garnered in the ordinary course of business. The assessee is engaged in tradi .....

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nvestigation), New Delhi. He is entirely relied upon such information for reaching such conclusion. The above information may be a sufficient ground of initiate reassessment proceedings of a case, but no (sic) make an addition the AO has to establish the fact of fraudulent nature of such transaction. Purely on surmises and conjuncture (sic) no transaction can be held as bogus unless the same is proved on the basis of sound reasoning and evidence on the part of the AO before making the addition. .....

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he year under consideration. This also implies that there has neither been fresh loan nor fresh share capital introduced in the accounts of the appellant company during the year under consideration. The perusal of the account of the appellant company does not leave any room for doubt that the said amount was nothing but the sale proceeds of the shares which have already been shown by the appellant in the profit & loss account for A.Y.2003-04. When the sale proceeds of the shares have already .....

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powers to verify the genuineness of the claim of the assessee by verifying the documents furnished by it. If A.O. had doubted the impugned transaction after receiving the evidences which had been produced by the assessee in support of its claim it was very much open to the A.O. to do his independent enquiry and verification. This has not been done by the A.O. Further, what is the desired documentary evidence required to support the claim of the assessee as required by the A.O. is not coming out .....

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