TMI Blog2017 (11) TMI 1550X X X X Extracts X X X X X X X X Extracts X X X X ..... For The Department : M s. Ashna Paul, Sr. DR ORDER This appeal by the Assessee is directed against the Order dated 30.1.2017 of the Ld. CIT(A)-9, New Delhi pertaining to assessment year 2006-07 on the following grounds:- 1. That the learned Commissioner of Income Tax (Appeals) has grossly erred both in law and on facts in sustaining an order of assessment under section 143(3)/147 of the Act at an income of ₹ 9,59,516/- as against returned income of ₹ 4,43,410/-. 2 That the Commissioner of Income Tax (Appeals) has further erred both in law and on facts in sustaining the initiation proceedings under section 147 of the Act and, further completion of assessment under section 143(3)/147 of the Act without sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7; 4,98,750/- comprising of amount received from M/s MITSU Securities Management Pvt. Ltd., as share application money and held to be unexplained cash credit u/s 68 of the Act. 3.1 That in doing so, the learned CIT (A) has failed to appreciate the fact that requisite documents/evidences were filed and explanation were tendered by the assessee - appellant with regards to the said transaction and both learned AO and CIT (A) have based their decision on suspicion and surmises without conducting any enquiry of their own or rebutting the documents so tendered by assessee :- appellant, even no opportunity to cross - examine the alleged entry operator was provided to the assessee - appellant and as such, the addition needs to be deleted. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dingly, notice u/s. 148 of the Act within the meaning of section 147 of the Act was issued on 30.3.2013 in compliance thereto the assessee company filed written reply on 01.05.2013 stating therein that we are in receipt of notice u/s. 148 of the Income Tax Act, 1961 received on 3.4.2013. This is to bring to your kind notice that the assessment has been reopened after the expiry of 6th year. As the notice was issued and dispatched on 1.4.2013 at 6.40 PM. Copy of the speed post tract result of acknowledgement no. ED8804605351N is enclosed herewith. As the notice has been issued after the expiry of time limit prescribed in section 149 of the Income Tax Act, 1961, the issue of notice is time barred. AO held that this contention of the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roving the identity and creditworthiness of concerned party, and genuineness of transactions in terms of provisions of section 68 of the Act. The amount of ₹ 4,98,750/- received from the above entry operator represents the credit entry whose nature and source could not be satisfactorily proved by the assessee and hence, it is covered within the mischief of Section 68 of the I.T. Act and made the additions and assessed the income of the assessee at ₹ 9,59,516/- u/s. 143(3)/147 of the I.T. Act, 1961 vide order dated 27.3.2014. 3. Against the assessment order, the assessee appealed before the Ld. CIT(A), who vide his impugned order dated 30.1.2017 has dismissed the appeal of the assessee on the legal ground and on other ground o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bjections to reopening of assessment vide reply 10.3.2014 (at page 31 of paper book filed by assessee) and admittedly AO has not passed any speaking order against the said objections so filed by assessee, which is a mandatory requirement as has been held by Hon'ble Apex Court in the case of M/s GKN Driveshafts (India) Ltd vs ITO reported in 259 ITR 19. I further find that the said legal issue in dispute is no more res integra, as the ITAT, SMC-3, New Delhi in the case of ITO vs M/s M.L. Creations has quashed the reopening of assessee on account of non disposal of objections by AO and in the process the ITAT has considered all the judgments so cited by the learned counsel of assessee. The relevant findings recorded by ITAT in the aforesa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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