TMI Blog2017 (6) TMI 493X X X X Extracts X X X X X X X X Extracts X X X X ..... is missing in the instant case. From the material on record, it is clear that the assessee has not received any share application money from the said group rather it has received share application money from two persons namely B.P.Choudhary and Saroj Choudhary. The revenue could not bring on record any linkage of these two persons with G.V. and his group. The only basis of initiating reassessment proceedings seems to be the statement made by G.V. who admitted to having advanced accommodation entries to the assessee in exchange for cash against commission. But, we find no nexus between the statements of the G.V. vis-à-vis assessee’s share applicants. Therefore, prima facie the primary condition of initiating reassessment proceedings in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reasons recorded, the reopening was triggered pursuant to search operation conducted u/s 132 on 26/04/2007 on a person namely Giriraj Vijayvargiya [G.V.] who admitted to having provided accommodation entries in the form of gifts, loans and share application money from financial Year 1999-2000 to 2005-06 in exchange of cash against commission of 2-3.5%. It was seen that various concerns controlled by Vikas Berlia introduced unaccounted money in the form of shares allotted to Giriraj Vijayvargiya and his family members. Accordingly, AO had formed a belief that the share application money received by group concerns of Vikas Berlia were involved in introducing unaccounted money in the form of bogus share capital and consequently income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... atement of a third party where the said party admitted to have entered into accommodation entries by way of share application money with the assessee in sharp contrast to the fact that the assessee never received any share application money from the said party / group in the impugned AY and therefore, the very basis of reopening stood vitiated and reflects non-application of mind on the part of the AO. Our attention is also drawn to the fact that on similar facts and circumstances, reopening has been quashed by the Tribunal in assessee s own case for AY 2003-04, the copy of which have been placed before us. 6. Per contra, the Ld. Departmental representative placed reliance on the stand of lower authorities and contended that the orig ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dhary and Saroj Choudhary . The revenue could not bring on record any linkage of these two persons with G.V. and his group. The only basis of initiating reassessment proceedings seems to be the statement made by G.V. who admitted to having advanced accommodation entries to the assessee in exchange for cash against commission. But, we find no nexus between the statements of the G.V. vis- -vis assessee s share applicants. Therefore, prima facie the primary condition of initiating reassessment proceedings in the instant case is not fulfilled. Our view is further fortified by the decision of co-ordinate bench of this Tribunal in assessee s own case for AY 2003-04 vide ITA No. 1159,1160,1161/Mum/2013 order dated 31/12/2014 where the Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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